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JSW Energy signed a 40-year agreement with Maharashtra State Electricity Distribution for 1,500 MW of pumped hydro energy storage. The Bhavali Pumped Hydro Project will provide 12,000 MWh of storage, improving grid stability and creating local employment opportunities.
Sajjan Jindal-led JSW Energy announced a major step in its renewable energy expansion by signing an Energy Storage Facility Agreement (ESFA) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for a 1,500 MW/12,000 MWh pumped hydro energy storage project. This agreement, signed on October 11, marks a critical development in enhancing energy storage capabilities in Maharashtra, aligning with India's renewable energy goals.
The Bhavali Pumped Hydro Project, located across the Nashik and Thane districts, is set to provide an 8-hour discharge capacity, with a maximum of 5 continuous hours. The project is expected to be commissioned over the next 48 months and is poised to enhance grid stability in the region by offering reliable energy storage. The agreement also stipulates a 40-year period for energy storage supply, with JSW Energy receiving a fixed capacity charge of ₹84.66 lakhs per MW per year.
The signing of the ESFA follows the issuance of a letter of intent to JSW Energy on October 1, 2024. The project represents a key addition to JSW Energy’s growing portfolio of energy storage, which now totals 16.2 GWh of locked-in capacity. This includes 14.4 GWh of pumped hydro storage and 1.8 GWh of battery energy storage. These developments underscore the company’s commitment to diversifying its energy offerings and supporting the country’s renewable energy push.
In addition to its energy storage projects, JSW Energy's total locked-in generation capacity now stands at 18.2 GW. This includes 7.7 GW of operational capacity and 2.1 GW under construction across wind, thermal, and hydro projects. The company also has an ambitious renewable energy (RE) pipeline of 8.3 GW.
The Bhavali Pumped Hydro Project will contribute significantly to Maharashtra’s energy infrastructure, providing much-needed stability to the grid while generating employment in local communities. As the project progresses, it will play a key role in supporting the state’s renewable energy mix.
Despite these positive developments, JSW Energy's share price closed down by 3.03% at ₹706.85 on October 11, reflecting short-term market movements. However, long-term prospects for the company remain strong with its expanding energy portfolio and growing focus on sustainability.
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