JSW Neo Energy To Set Up 1500 MW Hydro Storage Power Project In Andhra Pradesh
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JSW Neo Energy To Set Up 1500 MW Hydro Storage Power Project In Andhra Pradesh

JSW Infrastructure IPO Fully Subscribed On Day 2

The Andhra Pradesh government has given approval for JSW Neo Energy’s proposal to set up a 1500 MW hydro storage power project at Bakkannavari Palli in Vempalli Mandal, YSR district. This is one of eight projects approved by Chief Minister YS Jagan Mohan Reddy at the State Investment Promotion Board (SIPB) meeting held on Tuesday.

The hydro storage project by the JSW group will produce 3,314.93 million units of power annually and employ 1,500 people. The work is scheduled to commence in December 2024.

The hydro storage project is one of the six MoUs signed by the JSW Group during the Global Investors’ Summit 2023 – Advantage Andhra Pradesh in Visakhapatnam in March this year.

S Ramana Reddy, Managing director of New & Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) said that the state is ahead when it comes to setting up of hydro storage plants and the renewable energy sector. “The project will address the energy requirements of the district and address the storage issues of renewable energy generated in the state,” said the Managing Director.

Speaking on the preference of hydro storage power over thermal plants, Reddy said, “among energy storage models, pumped storage plants have a proven record and are globally adopted in 95 per cent of cases.” Reddy also added that these storage plants can start and stop production within minutes unlike thermal plants.

NREDCAP is the nodal agency overseeing establishment of  pumped storage plants. The agency has identified 30 sites for pumped Storage Projects with capacity of 33,240 MW across the state.

In December last year, NREDCAP notified ‘Andhra Pradesh Pumped Storage Hydro Power Projects Policy 2022’ to facilitate development of such projects.

The JSW plant will be the second storage plant in YSR Kadapa district as Adani group has already began setting up the Gandikota Pumped storage project (1000 MW) in the district.

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