JSW Neo Energy bags 192-MW power project from Gujarat Urja Vikas Nigam

JSW Energy on Monday said its arm JSW Neo Energy has secured a 192-MW hybrid power project, including an additional 96 MW under the greenshoe option from Gujarat Urja Vikas Nigam.

The capacity is awarded against tariff-based competitive bids invited for setting up a 500 MW Grid connected Hybrid Power Projects (Phase II), along with a greenshoe option for additional capacity up to 500 MW, a company statement said.

According to the statement, JSW Neo Energy -- a wholly owned subsidiary of JSW Energy (or the company) -- has received a Letter of Intent (or LoI) from Gujarat Urja Vikas Nigam Ltd (GUVNL), for setting up a 192 MW grid connected hybrid power project, including an additional 96 MW under the greenshoe option.

Subsequent to this capacity award, the company's total locked-in generation capacity increases to 16.2 GW, including the total locked-in hybrid capacity of 2.1 GW, according to the statement.

The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently.

The JSW Energy has total locked-in generation capacity of 16.2 GW comprising 7.5 GW operational, 2.3 GW under-construction across wind, thermal and hydro and RE pipeline of 6.3 GW (PPAs signed for 2.0 GW).

The company also has 4.2 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project.

The company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030.

The JSW Energy has set an ambitious target of achieving carbon neutrality by 2050.