Hyderabad: JSW Neo Energy, a subsidiary of JSW Energy, has announced establishment of a pumped storage project (PSP) with a generation capacity of 1,500 MW, at an outlay of Rs 9,000 crore in Telangana. An official release issued on Wednesday said a Memorandum of Understanding (MoU) was signed between the state government and JSW Neo Energy at the World Economic Forum being held in Davos.

Sajjan Jindal, Chairman, JSW Group, met with Chief Minister of Telangana A Revanth Reddy on the sidelines of WEF and announced the plan for setting up the project, it said.

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.

Assuring all necessary support for the project, Revanth Reddy said 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 to JSW and the Government of Telangana for their proposed project. Minister for Industries D Sridhar Babu, Principal Secretary Jayesh Ranjan, and Special Secretary, Investment Promotion, Vishnu Vardhan Reddy were also present during the meeting, according to the release.