JSW Energy signs 1,500 MW energy storage agreement with MSEDCL

15 Oct 2024 CW Team

Under the 40-year agreement, JSW Energy will receive a fixed capacity charge of ?84.66 lakhs per MW annually. The Bhavali Pumped Hydro Project, situated in the Nashik and Thane districts of Maharashtra, will feature an 8-hour discharge capability with a maximum of 5 continuous hours of discharge. The project is expected to be commissioned within the next 48 months.

This initiative will generate direct employment for approximately 3,000 individuals and contribute to local infrastructure improvements, including roads, irrigation, sanitation, and educational facilities as part of the company’s Corporate Environmental Responsibility initiatives.

According to India’s National Electricity Plan, the nation’s hydro pumped storage capacity is projected to reach 27 GW by FY2032, with battery energy storage anticipated to reach 47 GW. JSW Energy’s pumped hydro project will be instrumental in achieving these targets.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, expressed excitement about this milestone, stating, “Signing our first energy storage facility agreement for a pumped hydro storage plant marks a significant step in our journey toward becoming an energy products and services company. This project will enhance grid stability and contribute to local area development through advanced energy storage solutions.”

JSW Energy aims to achieve 40 GWh of energy storage capacity by 2030, with 16.2 GWh already secured. The company currently has a total generation capacity of 18.2 GW, which includes 7.7 GW of operational capacity and a renewable energy pipeline of 8.3 GW. JSW Energy is targeting a total generation capacity of 20 GW by 2030 and has set an ambitious goal of becoming carbon neutral by 2050.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

JSW Energy PSP Two Limited, a subsidiary of JSW Energy, has finalized an Energy Storage Facility Agreement (ESFA) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for a substantial 1,500 MW/12,000 MWh pumped hydro energy storage project. This agreement follows a letter of intent issued on October 1, 2024. Under the 40-year agreement, JSW Energy will receive a fixed capacity charge of ?84.66 lakhs per MW annually. The Bhavali Pumped Hydro Project, situated in the Nashik and Thane districts of Maharashtra, will feature an 8-hour discharge capability with a maximum of 5 continuous hours of discharge. The project is expected to be commissioned within the next 48 months. This initiative will generate direct employment for approximately 3,000 individuals and contribute to local infrastructure improvements, including roads, irrigation, sanitation, and educational facilities as part of the company’s Corporate Environmental Responsibility initiatives. According to India’s National Electricity Plan, the nation’s hydro pumped storage capacity is projected to reach 27 GW by FY2032, with battery energy storage anticipated to reach 47 GW. JSW Energy’s pumped hydro project will be instrumental in achieving these targets. Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, expressed excitement about this milestone, stating, “Signing our first energy storage facility agreement for a pumped hydro storage plant marks a significant step in our journey toward becoming an energy products and services company. This project will enhance grid stability and contribute to local area development through advanced energy storage solutions.” JSW Energy aims to achieve 40 GWh of energy storage capacity by 2030, with 16.2 GWh already secured. The company currently has a total generation capacity of 18.2 GW, which includes 7.7 GW of operational capacity and a renewable energy pipeline of 8.3 GW. JSW Energy is targeting a total generation capacity of 20 GW by 2030 and has set an ambitious goal of becoming carbon neutral by 2050.

Real Estate

26 Jun 2026

Manglam Group to Develop Sheraton Hotel in Jaipur

Manglam Group has signed an agreement with Marriott International to develop a Sheraton hotel on the Jaipur–Ajmer Highway in Jaipur. The project will feature 220 keys and is being developed with an investment of around Rs 3.5 billion across more than 300,000 sq ft.The hotel marks Manglam Group’s third collaboration with Marriott International and forms part of its Rs 10 billion hospitality investment roadmap. The agreement was signed by Amrita Gupta, Director, Manglam Group and CEO, Manglam Spa and Resorts, and Rajeev Menon, President, Asia Pacific excluding Greater China, Marriott Interna..

Infrastructure Urban

26 Jun 2026

India Warehousing Show 2026 opens at YashoBhoomi

India's warehousing, logistics, and supply chain ecosystem came together as the 15th edition of India Warehousing Show (IWS) 2026 opened at YashoBhoomi, India International Convention & Expo Centre (IICC), Dwarka, New Delhi on June 25 (Thursday). Organised by RX India, the three-day event will run from 25-27 June 2026, bringing together policymakers, industry leaders, technology providers, and supply chain professionals under one roof. It also features a two-day knowledge conference that will run alongside the exhibition. Inaugurated by Pankaj Kumar, Joint Secretary - Logistics, DPIIT..

Real Estate

26 Jun 2026

Platinum Corp Launches Bespoke Presidential Suites

Platinum Corp has launched Platinum Stellar: Bespoke Presidential Suites, a luxury residential project on Main Avenue in Santacruz, Mumbai. The project has been positioned as a boutique, design-led development for high-net-worth individuals, business owners and legacy residents from the Bandra-Khar-Santacruz belt.The project has been developed in collaboration with celebrity interior designer Sussanne Khan and follows a design-first approach inspired by Art Deco architecture. It incorporates refined detailing, spacious layouts, premium material palettes and arrival experiences planned to creat..