JSW Neo Energy to invest Rs 8,104 crore in hydro power project in YSR Kadapa
The hydro storage project is one of the six MoUs signed by the JSW Group during the Global Investors’ Summit 2023 in Visakhapatnam in March this year
- Andhra Pradesh
NewsTAP Bureau- Updated On:14 July 2023 2:36 PM IST
VIJAYAWADA: The Andhra Pradesh Government has given approval to JSW Neo Energy's proposal for setting up a 1,500 megawatt hydro storage power project at Bakkannavari Palli in Vempalli Mandal of 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.
While approving the project at the SIPB meeting, Jagan urged district collectors to ensure that the special Act guaranteeing 75% employment to locals be implemented in true spirit.
The hydro storage project is one of the six Memorandum of Understanding (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, New & Renewable Energy Development Corporation of Andhra Pradesh Ltd (NREDCAP), said that the State was a leader in setting up of hydro storage plants and the renewable energy sector.
“The project will address the energy requirements of the district and the storage issues of renewable energy generated in the State,” said Ramana and added that the Andhra government has prioritised development of pumped storage power plants in the State.
“Among energy storage models, pumped storage plants have a proven record and are globally adopted in 95% of cases,” said Reddy while adding that these storage plants could 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.
