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Andhra Pradesh government gave approval for JSW Neo Energy’s proposal to set up a 1500 MW hydro storage power project at Bakkannavari Palli in Vempalli Mandal, YSR district with ₹8,104 crore.
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, the Chief Minister emphasised that district collectors must ensure that the special Act guaranteeing 75 per cent employment to locals is implemented.
The hydro storage project is one of the six 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 of New & Renewable Energy Development Corporation of Andhra Pradesh Ltd (NREDCAP) said,“The project will address the energy requirements of the district and address the storage issues of renewable energy generated in the state.”
- Also Read: JSW Energy: Why you should sell the stock
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, according to a release
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