JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, on Tuesday announced that it has received Letter of Award (LoA) for ISTS-connected solar capacity of 700 MW from SJVN Limited. The company received the order 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 Ltd, the company’s total locked-in capacity increased to 11.0 GW comprising 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 PPA.
JSW Energy has total locked-in generation capacity of 11.0 GW consisting 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, it 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. It 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 per cent reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050.
Earlier in January, JSW Energy had released its third quarter earnings with over 28 per cent rise in its consolidated net profit to Rs 231 crore 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 Q3FY23, driven by incremental contribution from renewable portfolio and strong thermal performance, largely driven by a buoyant merchant market.