JSW Energy signs hydro storage deal with Uttar Pradesh

JSW Energy Limited announced today that its wholly-owned subsidiary, JSW Neo Energy Limited, has entered into a Pumped Hydro Storage Power Procurement Agreement (PHSPPA) with Uttar Pradesh Power Corporation Limited (UPPCL). The agreement covers the procurement of 1,500 MW / 12,000 MWh of pumped hydro energy storage. Under the 40-year agreement, JSW Neo Energy will receive a fixed capacity charge of INR77.2 lakhs per MW per annum for the project located in Sonbhadra district. Once commissioned in the next 6 years, the facility will be capable of an 8-hour scheduled discharge per day. With this agreement, JSW Energy's total locked-in energy storage capacity reaches 28.3 GWh, including 26.4 GWh of PSP, and the company is on track to meet its 40 GWh energy storage target by 2030.