JSW Energy PSP Two Seals 40-Year Deal with Maharashtra for Bhavali Pumped Hydro Project – 1,500 MW Energy Storage Set to Boost Grid

JSW Energy PSP Two Limited, a subsidiary of JSW Energy, has signed an agreement with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) to provide 1,500 MW / 12,000 MWh of energy storage through pumped hydro.

This Energy Storage Facility Agreement (ESFA) was announced after JSW Energy received a letter of intent on October 1. The deal allows the company to supply energy storage for 40 years, earning ₹84.66 lakhs per MW annually.

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The project, called the Bhavali Pumped Hydro Project, is located in Nashik and Thane districts of Maharashtra. It will have the ability to discharge energy for eight hours, with a maximum continuous discharge of five hours. The project is expected to be completed in the next 48 months.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, expressed excitement over this agreement, stating that it’s a key step in their journey to become an energy services company. He highlighted the project’s importance in improving grid stability and creating local employment opportunities.

JSW Energy currently has a locked-in energy storage capacity of 16.2 GWh, which includes 14.4 GWh from pumped hydro storage and 1.8 GWh from battery energy storage systems. Their overall generation capacity is 18.2 GW, with 7.7 GW operational, 2.1 GW under construction, and 8.3 GW in their renewable energy pipeline. The company plans to reach 20 GW of power generation and 40 GWh of energy storage by 2030, aiming for carbon neutrality by 2050.