Sajjan Jindal-led JSW Energy said its subsidiary JSW Energy PSP Two Ltd has signed an Energy Storage Facility Agreement (ESFA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for procurement of 1,500 MW/12,000 MWh pumped hydro energy storage.

The company said that the ESFA has been signed following our announcement of receiving the Letter of Intent on October 1, 2024. This agreement is for the supply of energy storage capacity for 40 years. Where the company will be entitled to receive a fixed capacity charge of Rs 84.66 lakh per megawatt per year. The

project will be operational in the next 48 months The Bhawali Pump Hydro Project located in Nashik and Thane districts of Maharashtra will have a capacity of 8 hours, with a maximum continuous discharge of 5 hours. The project is expected to be operational in the next 48 months. Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said that by integrating advanced energy storage solutions, this project will not only enhance grid stability but will also strengthen our commitment to provide sustainable and reliable power. Share performance The company's stock closed at Rs 706.45 on Friday, down 3.07 per cent. In the last one year, the company's stock has seen a decline of 77.79 percent. The 52-week high of the stock is Rs 804.90.