JSW Neo Energy, a subsidiary of JSW Energy, has secured a 700MW solar power project from Indian state-owned electricity generator SJVN.

The company secured the contract through a competitive bidding process.

The project is part of a larger initiative to set up 1.5GW of interstate transmission system (ISTS)-connected solar power projects based on tariffs.

JSW Neo Energy must begin supplying power at the full contracted capacity within 24 months from the effective date of the power purchase agreement.

The company's total capacity now stands at 11GW and includes 1.4GW of solar capacity.

The acquisition adds to the company’s portfolio, which comprises 7.2GW of operational capacity and 2.6GW under construction across the wind, thermal and hydro sectors, alongside letters of award for 1.2GW of capacity from the Solar Energy Corporation of India (SECI), a second state-owned company and SJVN.

JSW has secured 3.4 gigawatt-hours (GWh) of energy storage capacity, which includes battery energy storage systems and a hydro-pumped storage project.

The award follows its recent procurement of 500MW of wind capacity from SECI.

The wind capacity award was part of SECI's tranche 16, which aimed to establish 1.35GW of ISTS-connected wind power projects.

The bid also offered the possibility of increasing the awarded capacity by 700MW, bringing its total capacity to 1.02GW.

JSW anticipates an increase in its operational generation capacity to 9.8GW during 2024, up from the current 7.2GW.

Its strategic plan includes reaching a generation capacity of 20GW and an energy storage capacity of 40GWh by 2030.

In line with global sustainability goals, JSW Energy has committed to a 50% reduction in its carbon footprint by 2030 and aims to achieve carbon neutrality by 2050.