JSW Neo Energy receives LoI from PCKL for procurement of 2,400 MWh energy storage from 300 MW hydro PSP

JSW Energy Limited’s arm, JSW Neo Energy Limited, has received a letter of intent (LoI) from Power Company of Karnataka Limited (PCKL) for procurement of 2,400 MWh (300 MW x 8 hours) energy storage from pumped storage project (PSP).

The LoI is for providing storage capacity for a period of 40 years. The project would be located in Karnataka and designed for eight hours storage capacity per day. Notably, the company has set a target to reach 20 GW capacity by 2030 and near-term target of 10 GW by 2025. With a total locked-in capacity of 9.9 GW, the company is well placed to achieve its targets well ahead of time.