SJVN Ltd has signed a Memorandum of Understanding (MoU) with the Government of Chhattisgarh and Chhattisgarh State Power Generation Company Ltd (CSPGCL) today to develop an 1800 MW Pumped Storage Project (PSP) at Kotpali in Chhattisgarh.
The shares of SJVN Ltd closed on the NSE today at ₹85.52 down by ₹2.24 or 2.55 per cent.
The MoU was signed by Sushil Kumar Sharma, Director (Projects) of SJVN, Subodh Kumar Singh, Principal Secretary of Chhattisgarh’s Energy Department, and Sanjeev Kumar Katiyar, Managing Director of CSPGCL. Chhattisgarh Chief Minister Vishnu Dev Sai and Minister of Commerce & Industry Lakhan Lal Dewangan were present at the signing ceremony.
The Kotpali PSP is an off-stream closed-loop type project located in Balrampur District with a designed annual energy generation capacity of 3967 MU. The project will store excess energy during off-peak hours and discharge it during peak demand periods.
SJVN estimates the total investment for the project at ₹9,500 crore. The company expects the development to create direct and indirect employment for approximately 5000 people during its construction phase.