By Malvika Gurung
Investing.com -- Shares of the utility company JSW Energy (NS: JSWE ) rallied 13.2% to Rs 331.95 apiece on Thursday and ended the session 12.75% higher at Rs 330.65 apiece.
JSW Energy is the strongest full-service electricity company in India and its stock became the top gainer on the broadest market index - the Nifty 500 , on Thursday.
The utility firm’s shares zoomed after its wholly-owned subsidiary, JSW Neo Energy signed a Memorandum of Understanding with the Government of Maharashtra to set up a 960 MW capacity of Hydro Pumped Storage Project (PSP), namely Pane (Raigarh) PSP in the state, the company said in a BSE filing.
“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," the company’s MD and CEO Prashant Jain said.
With the signing of this second MoU with the Maharashtra government, the utility major has successfully secured resources for hydro PSPs with a total capacity of 6 GW with various state governments, including Maharashtra, Chhattisgarh, Telangana and Rajasthan.
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