JSW Energy jumps after signing Maharashtra MoU for hydro pumped storage project

The share touched a 52-week high of Rs 408.70 and a 52-week low of Rs 182.00 on 14 October 2021 and 20 June 2022 respectively.

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JSW Energy share price rose 7 percent intraday on October 6 after its subsidiary entered into a Memorandum of Understanding (MoU) with Maharashtra to set up a hydro pumped storage project in the state.

JSW Energy, through its wholly-owned subsidiary, JSW Neo Energy, has entered into the Memorandum of Understanding for setting up a 960 MW capacity hydro PSP, company said in its press release.

With the signing of the MoU, the company has secured resources for 6 GW hydro PSPs from the governments of various states (Maharashtra, Chhattisgarh, Telangana, and Rajasthan).

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“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,” said Prashant Jain, Joint Managing Director and CEO of JSW Energy.

The share touched a 52-week high of Rs 408.70 and a 52-week low of Rs 182.00 on 14 October 2021 and 20 June 2022 respectively.

Currently, it is trading 23.56 percent below its 52-week high and 71.65 percent above its 52-week low.

At 10:16 hrs JSW Energy was quoting at Rs 312.25, up Rs 19.10 or 6.52 percent on the BSE.