JSW Neo Energy, a subsidiary of India-based JSW Energy, has been awarded a 700MW solar project by the Solar Energy Corporation of India (SECI). The award was part of a larger tariff-based competitive bid aimed at establishing 1.5GW of inter-state transmission system-connected (ISTS) solar power projects.
JSW Energy joint managing director and CEO Prashant Jain was quoted by Energetica India as saying: “The receipt of this letter of authority (LOA) underscores our commitment to expanding our renewable energy portfolio and contributing to India's clean energy goals. This award reaffirms our position as a key player in the renewable energy sector.”
Concurrently, the company also received a letter of intent (LOI) for 300MW of grid-connected solar capacity from Gujarat Urja Vikas Nigam [the electricity registration board for the state of Gujerat].
The LOI is a result of a competitive bid for the development of 1.12GW of grid-connected solar power projects in Gujarat's Khavda RE Park.
In February 2024, the company secured a 700MW solar power project from SJVN, a state-owned electricity generator in India.
This contract was also obtained through competitive bidding and is part of a broader initiative to set up 1.5GW of ISTS-connected solar power projects.
JSW Neo Energy's total generation capacity commitments have now increased to 12GW, with solar power contributing 2.4GW.
The company's current installed generation capacity stands at 7.2GW. With ongoing projects and new awards, JSW Energy is on track to reach an installed capacity of 9.8GW by the end of 2024.
JSW Energy's total locked-in generation capacity is now 12GW. This includes 7.2GW of operational capacity, 2.6GW of which is under construction across the wind, thermal and hydro sectors, and LOAs for 1.9GW from SECI and SJVN.
The company has also made significant strides in energy storage, securing 3.4 gigawatt-hours (GWh) of capacity through battery energy storage systems and hydro-pumped storage projects.
These advancements are in line with JSW Energy's ambitious targets of achieving a generation capacity of 20GW and an energy storage capacity of 40GWh by 2030.
The company aims to reduce its carbon footprint by 50% by 2030 and achieve carbon neutrality by 2050.
