JSW Neo Energy, a wholly owned subsidiary of JSW Energy has received a letter of award (LoA) for ISTS-connected solar capacity of 700 MW from SJVN.
The companys subsidiary secured LoA against tariff based competitive bid invited for setting up of 1,500 MW ISTS-connected solar power projects.
Following the award of 700 MW capacity from SJVN, the firms total locked-in capacity increases to 11 GW comprising of 1.4 GW of solar capacity. The project is required to supply power of full contracted capacity within 24 months from the effective date of power purchase agreement (PPA).
JSW Energy has total locked-in generation capacity of 11 GW comprising of 7.2 GW operational, 2.6 GW under-construction across wind, thermal and hydro and LoAs for 1.2 GW capacity from SECI (Tranche - XVI) and SJVN.
In addition, the company has 3.4 GWh of locked-in energy storage capacity by means of battery energy storage system and hydro pumped storage project. The company expects to have 9.8 GW of operational generation capacity by CY2024, up from current operational capacity of 7.2 GW.
The firm aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity by 2030. JSW Energy has set an ambitious target for 50% reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050.
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SJVN is engaged principally engaged in electricity generation. The company is also engaged in the business of providing consultancy.
JSW Energy is primarily engaged in the business of generation of power with principal places located at Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh) and Salboni (West Bengal).
Shares of JSW Energy fell 0.70% to Rs 520.35 while those of rose 1.58% to Rs 122 on the BSE.
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