JSW Energy Subsidiary Secures 700 MW Solar Capacity in ISTS-connected Project; Stock Surges 2%

JSW Neo Energy Ltd, a wholly-owned subsidiary of JSW Energy Ltd, has announced that it has received a Letter of Award (LoA) for an Inter-State Transmission System (ISTS)-connected solar capacity of 700 MW from SJVN Ltd. This development comes after a tariff-based competitive bid process initiated for the establishment of 1,500 MW ISTS-connected solar power projects.

Following the receipt of the LoA for 700 MW capacity from SJVN Ltd, JSW Neo Energy Ltd’s total locked-in capacity has now increased to 11.0 GW, which includes 1.4 GW of solar capacity. The project is obligated to supply power at the full contracted capacity within 24 months from the effective date of the Power Purchase Agreement (PPA).

JSW Energy currently possesses a total locked-in generation capacity of 11.0 GW, comprising 7.2 GW in operational status, 2.6 GW under construction across wind, thermal, and hydro projects, and LoAs for 1.2 GW capacity from SECI (Tranche – XVI) and SJVN.

The company also disclosed having 3.4 GWh of locked-in energy storage capacity through a battery energy storage system and hydro pumped storage project.

Highlighting their future plans, the company stated, “JSW Energy expects to achieve 9.8 GW of operational generation capacity by CY2024, a significant increase from the current operational capacity of 7.2 GW. The company aims to reach a generation capacity of 20 GW and an energy storage capacity of 40 GWh by 2030. JSW Energy has set an ambitious target for a 50% reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050.”

JSW Energy shares witnessed a positive surge of 1.66%, reaching a day high of Rs 532.70 in early trade.

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