JSW Energy Expands Capacity with New Wind-Solar Hybrid Project and Solar Power Purchase Agreement
- In Reports
- 07:43 PM, Aug 24, 2024
- Myind Staff
JSW Energy has announced a major expansion of its energy portfolio with two significant developments. On 23rd August, the company revealed that its subsidiary, JSW Neo Energy, has received a Letter of Award (LoA) from NTPC for the establishment of a 300 MW wind-solar hybrid power project. This new project boosts the company’s total locked-in generation capacity to 16.7 GW. This total includes 2.6 GW of hybrid capacity, significantly enhancing JSW Energy's range of energy solutions and supporting its strategic transition towards becoming a leading energy products and services provider.
The company's current locked-in generation capacity is divided into 7.5 GW of operational assets, 2.3 GW under construction spanning wind, thermal, and hydro power sectors, and a renewable energy (RE) pipeline of 6.9 GW. Additionally, JSW Energy has secured 4.2 GWh of locked-in energy storage capacity through both a battery energy storage system and a hydro-pumped storage project.
JSW Energy has ambitious goals for the future, aiming to achieve a total generation capacity of 20 GW and an energy storage capacity of 40 GWh by 2030. The company has also committed to reaching carbon neutrality by 2050.
In a separate announcement, JSW Energy's subsidiary JSW Renew Energy Twenty Ltd has signed a power purchase agreement (PPA) with Bangalore Electricity Supply Company (BESCOM) for a 300 MW solar power project. This project, awarded by Karnataka Renewable Energy Development Ltd (KREDL), will be located in Pavagada Solar Park, Karnataka. The PPA, which is set to last until FY 2044, stipulates a tariff of Rs 2.89 per kWh. The solar project is anticipated to be commissioned within the next 18 months.
JSW Energy's current solar pipeline has a total capacity of 3.2 GW, with PPAs signed for 1.3 GW. These developments reflect the company’s ongoing efforts to expand its renewable energy footprint and advance its sustainability goals.
Image source: Financial Express
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