JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited (“The Company”) has signed Pumped Hydro Storage Power Procurement Agreement (“PHSPPA”) with Uttar Pradesh Power Corporation Ltd. (“UPPCL”) for procurement of 1,500 MW / 12,000 MWh of pumped hydro energy storage. The PHSPPA is for supply of energy storage capacity for a period of 40 years where the company will be entitled to receive a fixed capacity charge of ₹77.2 lakhs per MW per annum. The aforesaid project, located at Sonbhadra district, Uttar Pradesh will be capable of a scheduled discharge of 8 hours (with maximum continuous 6 hours) per day. The project is expected to be commissioned in next 6 years. Subsequent to this, the Company's total locked-in energy storage capacity now stands at 28.3 GWh, which includes 26.4 GWh of PSP. The Company is well-positioned to achieve its target of 40 GWh of energy storage by 2030.
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