JSW Energy has signed an agreement with the Maharashtra government to construct a 960 megawatt hydro pump storage project in the state’s Raigarh district.
With rapid addition of renewable energy capacity in the country, development of energy storage solutions such as hydro PSP become essential to solve intermittent power supply from renewables. JSW Energy stated in a statement that hydro pumped storage is a well-established technology that provides adequate peaking power reserves, reliable grid operation, energy balancing, and storage capacity.
The proposed project’s financial details were not disclosed by JSW Energy. JSW Neo Energy, the company’s “green growth vehicle,” has been working quickly to secure key resources for Hydro PSPs in various resource-rich states for projects with a total capacity of up to 10 GW.
The company said that it has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy. The company has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to approximately 85%. Around 2.5 GW of renewable energy projects are currently under-construction/in-pipeline, Wind projects of 1.26 GW tied with Solar Energy Corporation of India (SECI), are expected to be fully commissioned in the next 12-18 months.
