The shares of JSW energy which were lying low at ₹182 on 14th October 2021, have surged to a 52-week high of ₹ 408.70. JSW Energy’s share price rose over 11 percent intraday on October 6th after its subsidiary entered a Memorandum of Understanding (MoU) with Maharashtra to set up a hydro-pumped storage project in the state.
The company mentioned in a press release that JSW Energy, through its wholly owned subsidiary, JSW Neo Energy, has signed the MOU for setting up a 960 MW capacity hydro PSP.
Prashant Jain, Joint Managing Director, and CEO of JSW Energy, said, “We are excited to actively participate in the strong prospects of hydro PSPs in sustainably solving the problem of intermittency of renewable power. In continuation to our target to achieve 10 GW of hydro PSP capacity, we are pleased to have signed a second MoU with Maharashtra.”
By entering the MoU, JSW has secured resources for 6GW hydro PSPs from the state governments of Rajasthan, Chattisgarh, Telangana and now Maharashtra added.
