JSW Neo Energy Limited (JSW Neo), a wholly owned subsidiary of JSW Energy Limited, on Thursday announced that it has received Letter of Award (LoA) for ISTS-connected solar capacity of 700 MW from Solar Energy Corporation of India Limited (SECI), against tariff based competitive bid invited for setting up of 1,500 MW ISTS-connected solar power projects.
The current installed generation capacity is 7.2 GW. The company expects to have 9.8 GW of installed capacity by CY24, with this awarded capacity of 700 MW under SECI Tranche XIII, the company’s total locked-in generation capacity increases to 11.7 GW, of which 2.1 GW will be solar, the company said in a regulatory filing.
JSW Energy has total locked-in generation capacity of 11.7 GW comprising 7.2 GW operational, 2.6 GW under-construction across wind, thermal and hydro and LoAs for 1.9 GW capacity from SECI (Solar Tranche XIII and Wind 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. JSW Energy aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. It has set an ambitious target for 50 per cent reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050.
Earlier in January, JSW Energy had reported over 28 per cent rise in its consolidated net profit to Rs 231 crore for the December 2023 quarter on the back of higher revenues. During the quarter, the total revenue increased 13 per cent year-on-year to Rs 2,661 crore from Rs 2,350 crore in Q3 FY23, driven by incremental contribution from renewable portfolio and strong thermal performance, largely driven by a buoyant merchant market.