+
JSW Energy arm inks pact with Chhattisgarh govt for 1,000 MW project
POWER & RENEWABLE ENERGY

JSW Energy arm inks pact with Chhattisgarh govt for 1,000 MW project

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.

Image Source


Also read: JSW reports revenue growth of 22% in Q3 FY21

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. Image SourceAlso read: JSW reports revenue growth of 22% in Q3 FY21

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code