JSW Energy subsidiary signs agreement of 700 MW solar project with Solar Energy Corporation of India
Oct 23, 2024
New Delhi [India], October 23 : JSW Renew Energy Eleven, a subsidiary of JSW Energy Limited, has signed a major Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI), the company informed the exchange in a filing on Wednesday.
This agreement is for a 700 MW solar power project, which is connected to the Inter-State Transmission System (ISTS). The project was awarded under SECI Tranche XIII.
The PPA has been signed for a 25-year period, with a fixed tariff of Rs 2.56 per kWh for the supply of power. The solar project is expected to be operational within the next 24 months, marking another step forward for JSW Energy in its renewable energy expansion.
"The PPA is signed for supply of power for a period of 25 years with a tariff of Rs2.56/kWh. The aforesaid project is expected to be commissioned within 24 months" said the company.
JSW Energy is aiming to increase its operational capacity to 10 GW by FY 2025. Currently, the company has 7.9 GW of operational capacity, which is spread across thermal, hydro, and renewable energy sources.
In addition, JSW Energy has secured 16.2 GWh of energy storage capacity through a combination of battery energy storage systems and hydro pumped storage projects.
Looking further ahead, the company has set ambitious targets. It plans to reach a total generation capacity of 20 GW and 40 GWh of energy storage capacity by 2030.
In line with global sustainability goals, JSW Energy is also committed to achieving carbon neutrality by 2050.
This PPA with SECI represents a significant step in JSW Energy's strategy to expand its renewable energy portfolio and contribute to India's green energy transition.
JSW Energy is the Private sector power producers in India and part of the USD 24 billion JSW Group which has presence in sectors such as steel, energy, infrastructure, cement, sports among others.
The company has established its presence across the value chains of power sector with diversified assets in power generation, and transmission.
