Hyderabad: JSW Neo Energy, a subsidiary of JSW Energy, on Wednesday announced the setting up of a pumped storage project in Telangana state with an investment of Rs 9,000 crore, after signing an MoU with the state government at the Telangana Pavilion at the World Economic Forum in Davos of Switzerland.
JSW Group chairman Sajjan Jindal met with Chief Minister A. Revanth Reddy on the sidelines of WEF and announced the plan for setting up the project. The proposed pumped storage project will have an energy generation capacity of 1,500 MW.
Headquartered in Mumbai, JSW Energy is an integrated power company that generates, transmits, and trades electricity from thermal, hydro, and solar sources. As a leading private sector power company in India, it has an operational capacity of 4,559 MW and is the country’s largest independent hydropower producer (IPP).
JSW Neo Energy, a wholly owned subsidiary of JSW Energy that focuses on renewable and new energy solutions, will be responsible for setting up the proposed project in Telangana state.
Revanth Reddy assured JSW of all necessary support for the project and said that the proposed project is aligned with the state’s focus on promoting renewable energy.
The Chief Minister further stated that JSW was a key partner for the state in its journey towards clean and green energy and that the government was keen to collaborate with JSW for their future projects.
Sajjan Jindal expressed his gratitude for the assurances to JSW and support from Telangana for their proposed project. He said that JSW was rapidly expanding in India and aimed to further grow its presence in the state.
