JSW Neo Energy Seals Landmark Hydro Storage Pact in Uttar Pradesh

JSW Neo Energy, a subsidiary of JSW Energy, has signed a significant agreement with Uttar Pradesh Power Corporation Ltd for 1,500 MW of pumped hydro energy storage. This project, which is projected to be operational in six years, supports the company's goal to reach 40 GWh of storage capacity by 2030.

JSW Neo Energy Ltd, a subsidiary of JSW Energy, has entered into an agreement with the Uttar Pradesh Power Corporation Ltd (UPPCL). This deal is for the procurement of 1,500 MW / 12,000 MWh of pumped hydro energy storage. The company announced this milestone on Thursday.

The pumped hydro storage power procurement agreement is set to supply energy storage for 40 years, with JSW Neo Energy receiving a fixed capacity charge of Rs 77.2 lakh per MW annually. Located in Sonbhadra district, the project allows an 8-hour scheduled discharge, with a maximum continuous discharge of 6 hours per day.

This development enhances JSW Neo Energy's energy storage capacity, now at 28.3 GWh inclusive of 26.4 GWh from PSP. The company remains on track to achieve its ambitious target of 40 GWh by 2030, with the project expected to commence operations within the next six years.

(With inputs from agencies.)