JSW Energy signs 1,500 MW Energy Storage Agreement with MSEDCL for Bhavali pumped hydro project

Sajjan Jindal-led JSW Energy on Friday (October 11) said its step-down subsidiary JSW Energy PSP Two Ltd has signed an Energy Storage Facility Agreement (ESFA) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for procurement of 1,500 MW / 12,000 MWh of pumped hydro energy storage.

The ESFA is signed following our announcement of receiving the letter of intent on October 1, 2024. The ESFA is for the supply of energy storage capacity for a period of 40 years where the company will be entitled to receive a fixed capacity charge of ₹84.66 lakhs per MW per annum.

The Bhavali Pumped Hydro Project, situated in the Nashik and Thane districts of Maharashtra will feature an 8-hour discharge capacity with a maximum of 5 hours of continuous discharge. The project is expected to be

commissioned in the next 48 months.

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Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said, “By integrating advanced energy storage solutions, this project will not only enhance grid stability but also reinforce our commitment to provide sustainable and reliable power. Additionally, it will contribute to local area development by generating employment opportunities and fostering community resilience.”

The company’s locked-in energy storage capacity stands at 16.2 GWh which includes pumped hydro storage capacity of 14.4 GWh and battery energy storage capacity of 1.8 GWh. JSW Energy has a total locked-in generation capacity of 18.2 GW comprising 7.7 GW operational, 2.1 GW under construction across wind, thermal and hydro and an RE pipeline of 8.3 GW.

Shares of JSW Energy Ltd ended at ₹706.85, down by ₹22.10, or 3.03% on the BSE

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