JSW Neo Energy on Friday said it has bagged a 300 MW pumped hydro storage project from Power Company of Karnataka Ltd.
"JSW (Neo) Energy receives LoI for 300 MW Hydro PSP from PCKL," a JSW Energy statement said.
It further said that JSW Neo Energy Ltd. (JSW Neo), a wholly-owned subsidiary of JSW Energy, has received a letter of intent from PCKL for procurement of 2,400 MWh (300 MW x 8 hours) energy storage from the pumped hydro storage project.
The LoI is for providing storage capacity for 40 years.
The project will be located in Karnataka and designed for eight hours of storage capacity per day.
Prashant Jain, Joint Managing Director and CEO of JSW Energy, said, "We are excited to bag our first hydro pump storage project and we have already secured resources for 64 GWh of hydro PSP across various states."
This is our second utility-scale storage project in addition to 'Battery Storage' secured under a competitive bidding process, he added.
The company has set a target to reach 20 GW capacity by 2030 and a near-term target of 10 GW by 2025. With a total locked-in capacity of 9.9 GW, the company is well-placed to achieve its targets well ahead of time.
Currently, the operational capacity is 6.6 GW and under-construction projects with a capacity totalling 2.9 GW are likely to be commissioned in phases over the next 12-18 months.
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