JSW Neo Energy Limited (JSW Neo), a wholly owned subsidiary of JSW Energy Limited on Tuesday announced that it has received a Letter of Award (LoA) for setting up 200 MW Wind-Solar Hybrid Power Project from Maharashtra State Electricity Distribution Company Limited (MSEDCL) against Tariff based Competitive Bid (MSEDCL – Phase III).
The company said that with this capacity award, its total locked-in generation capacity has increased to 17.2 GW, which includes a total locked-in Hybrid capacity of 2.9 GW (including FDRE). JSW Energy expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently, it stated in a regulatory filing. “This project enhances the company’s energy solution offerings and supports its transition towards becoming an energy products and services company,” it added.
JSW Energy has total locked-in generation capacity of 17.2 GW comprising 7.5 GW operational, 2.3 GW under-construction across wind, thermal and hydro and RE pipeline of 7.3 GW (PPAs signed for 2.3 GW). The company also has 4.2 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project. JSW Energy aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. It has set an ambitious target of achieving carbon neutrality by 2050.
Earlier in July, JSW Energy Chairman and Managing Director Sajjan Jindalhad had said that the company is planning to increase its capex over the next six years as it fast-tracks capacity additions. The company plans to bump its capex to Rs 1.15 trillion to reach its goal of 20 gigawatt (GW) by 2030 and 40 GWh (gigawatt hour) under Strategy 2.0.