JSW Neo Energy, a subsidiary of JSW Energy, has made an announcement regarding its latest venture – a pumped storage project incorporating a substantial generation capacity of 1,500 MW. This transformative project, valued at Rs 9,000 crore, is set to be established in Telangana, marking a stride in the realm of clean and sustainable energy solutions.
JSW Energy, one of the leading players in India’s power sector, epitomizes a fusion of superior practices, incorporating structured planning, cutting-edge operations, and a steadfast commitment to societal, economic, and environmental advantages.
Currently, JSW Energy incorporates a substantial power generation capacity of 6,677 MW. This encompasses 3,158 MW derived from thermal power, 1,391 MW from hydropower, and an additional 1,461 MW harnessed from wind, complemented by 667 MW from solar power.
With a strategic footprint across various states in India and strategic interests in natural resource firms in South Africa, JSW Energy’s diversified portfolio spans diverse geographic locations, fuel sources, and power off-take arrangements. This intentional diversification strategy serves as a proactive measure to mitigate risks inherent in the company’s business operations.
The formalization of the pumped storage project venture by JSW Neo Energy, the wholly owned subsidiary of JSW Energy focusing on renewable and new energy solutions, initiative took place with the signing of a Memorandum of Understanding (MoU) between JSW Neo Energy and the Telangana state government.
This agreement was sealed at the World Economic Forum in Davos. Sajjan Jindal, Chairman of JSW Group, and Chief Minister of Telangana A Revanth Reddy held discussions on the sidelines of the WEF, where the plan for the pumped storage project was unveiled.
JSW Neo Energy will spearhead the implementation of this monumental project in Telangana. The company’s commitment to pushing the boundaries of clean energy aligns seamlessly with the nation’s growing emphasis on sustainable practices.
Expressing his support for the project, Chief Minister A Revanth Reddy underscored JSW’s pivotal role in the state’s transition towards clean and green energy. He assured the necessary backing and collaboration, emphasizing the government’s eagerness to engage with JSW on future ventures in India.
Sajjan Jindal, in turn, conveyed his gratitude to JSW and the Government of Telangana for their collaborative efforts in bringing this ambitious project to fruition.
The meeting, held in the presence of key stakeholders, saw the participation of Minister for Industries D Sridhar Babu, Principal Secretary Jayesh Ranjan, and Special Secretary for Investment Promotion, Vishnu Vardhan Reddy. Their collective presence further highlighted the collaborative spirit and shared commitment to advancing sustainable energy solutions in the region.
The pumped storage project is anticipated to play a pivotal role in enhancing the state’s energy infrastructure, providing a reliable source of power with its substantial 1,500 MW generation capacity.
