JSW Energy’s stock jumped 3.7% in early trading after a subsidiary signed a deal with the Chhattisgarh government to build a 1,000 MW hydro-pumped storage plant.
JSW Energy’s stock hit a high of Rs 319.90 on the Bombay Stock Exchange (BSE), up from Rs 308.30 at the previous closing.
The company told the media that JSW Energy has entered into a memorandum of understanding (MoU) with the Government of Chhattisgarh through its wholly-owned subsidiary, JSW Neo Energy, for establishing a 1,000 MW capacity Hydro Pumped Storage Project, viz. Hasdev Bango Pumped Storage Project.
According to JSW, the development of energy storage solutions such as hydro pumped storage projects (PSPs) is becoming increasingly important because of the intermittent power supply from renewables.
The company signed a 1,500 MW contract with the Maharashtra government and a 1,000 MW letter of intent (LOI) with the Rajasthan government in the previous financial year (FY).
JSW Energy said that it has set an ambitious goal for a 50% reduction in carbon footprint by 2030 and accomplishing carbon neutrality by 2050 by transitioning towards renewable energy.
Also read: JSW reports revenue growth of 22% in Q3 FY21