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JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy Limited, has entered into a significant Pumped Hydro Storage Power Procurement Agreement (PHSPPA) with Uttar Pradesh Power Corporation Ltd. (UPPCL) for the development of a 1,500 MW / 12,000 MWh pumped hydro energy storage project. Under this long-term agreement, spanning 40 years, JSW Energy will supply crucial energy storage capacity to UPPCL. The company is entitled to receive a fixed capacity charge of ?77.2 lakhs per MW per annum for the provided storage. The pumped hydro storage project will be located in the Sonbhadra district of Uttar Pradesh and is designed to provide a scheduled discharge of 8 hours per day, with a maximum continuous discharge capability of 6 hours. This substantial energy storage capacity will play a vital role in stabilizing the grid and integrating a larger share of renewable energy sources in Uttar Pradesh. The project is anticipated to be commissioned within the next six years. With the addition of this 1,500 MW / 12,000 MWh project, JSW Energys total locked-in energy storage capacity now stands at an impressive 28.3 GWh, of which 26.4 GWh is attributed to pumped storage projects. This development further solidifies JSW Energys position as a key player in the energy storage sector and puts the company well on track to achieve its ambitious target of 40 GWh of energy storage capacity by the year 2030, contributing significantly to Indias clean energy transition. |
