Hyderabad, Jan 17 (IANS): JSW Neo Energy, a subsidiary of JSW Energy, has announced setting up of a Pumped Storage Project in Telangana, with an investment of Rs 9,000 crore.

The proposed Pumped Storage Project will have energy generation capacity of 1,500 MW.

A Memorandum of Understanding (MoU) in this regard was signed between the state government and JSW Neo Energy on the sidelines of the World Economic Forum (WEF) annual conference at Davos.

During a meeting Chief Minister A. Revanth Reddy, JSW Group Chairman Sajjan Jindal announced the plan for setting up the project.

Headquartered in Mumbai, JSW Energy is an integrated power company that generates, transmits, and trades electricity from thermal, hydro, and solar sources.

As a leading private sector power company in India, it has an operational capacity of 4,559 MW and is the country’s largest Independent Hydro Power Producer (IPP).

JSW Neo Energy, a wholly-owned subsidiary of JSW Energy that focuses on renewable and new energy solutions, will be responsible for setting up the proposed project in Telangana.

Revanth Reddy assured JSW of all the necessary support for the Pumped Storage Project and said that the proposed project is aligned with the state’s focus on promoting renewable energy.

The Chief Minister further stated that JSW is a key partner for the state in its journey towards clean and green energy and the Government is keen to collaborate with JSW for their future projects in India.

Sajjan Jindal expressed his gratitude for the assurances to JSW and support from the Government of Telangana for their proposed project.

He further stated that JSW is rapidly expanding in India and aims to further grow its presence in the state.

Minister for Industries and ITE&C D. Sridhar Babu, Principal Secretary ITE&C, I&C Jayesh Ranjan, and Special Secretary, Investment Promotion, Vishnu Vardhan Reddy were also present during the meeting.