JSW Energy, through its wholly-owned subsidiary, JSW Neo Energy, has entered into a memorandum of understanding (MoU) with the government of Chhattisgarh for setting up a 1,000 MW capacity of hydro pumped storage project viz. Hasdev Bango Pumped Storage Project.
JSW Energy through its green growth vehicle JSW Neo Energy has been securing key resources for Hydro PSPs in various resource rich states for projects with a targeted capacity totaling up to 10 GW.
Earlier, in FY22, the company had also inked a MoU with Maharashtra government for 1,500 MW and a letter of intent with Rajasthan government for 1,000 MW Hydro PSPs.
JSW Energy has set a target for a 50 percent reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy.
It has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85 percent of total.
Around 2.5 GW of renewable projects are currently under-construction i.e. 2.2 GW wind and solar projects, tied with SECI and JSW Group, are expected to be commissioned in the next 12 months, while the 240 MW Kutehr hydro project would be commissioned within the next 30 months.
The company has also signed long term PPA’s for the entire 2.5 GW under-construction renewable projects, and the 225 MW solar plant (under group captive) is nearing completion.
With the commissioning of these projects, the company’s total generation capacity will increase to approximately 7 GW, with the share of renewable energy increasing to about 55 percent.
