JSW Energy said that its step down subsidiary, JSW Renew Energy Five, received letter of awards (LoA) for standalone battery energy storage systems from Solar Energy Corporation of India (SECI).
Bids were invited by SECI for setting up of pilot projects of 500 megawatts (MW)/1000 megawatt hours (MWh) standalone battery energy storage systems. Total 500MW/1,000MWh project of battery energy storage system includes two projects each of 250MW/500 MWh.The company will be entitled to receive a fixed capacity charge of Rs 10.8 lakhs per MW per month for twelve years. SECI's obligation shall be limited to 60% of the project capacity/energy and remaining 40% of the project capacity is to be managed by JSW Energy.
The company has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and achieving carbon neutrality by 2050 by transitioning towards renewable energy.
Prashant Jain, joint managing director and CEO of JSW Energy, said, This is an essential step towards our nation's energy security and grid stability and gives us an early mover advantage in the storage solution space. This is in line with the company's long term strategy to transition towards an energy products and solutions company.
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).
The company's consolidated net profit jumped 37.3% to Rs 465.67 crore on 14.4% rise in net sales to Rs 2,387.48 crore in Q2 FY23 over Q2 FY22.
The scrip rose 0.77% to Rs 266.90 on the BSE.
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