JSW Energy Ltd on Wednesday, October 23, said it is entering into a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) for a new project through its subsidiary.
In a stock exchange filing, the the company said its step-down subsidiary JSW Renew Energy Eleven Ltd has signed a PPA with SECI for a 700MW solar project.
The project, awarded under SECI’s Tranche XIII, will be Inter-State Transmission System (ISTS)-connected and marks a significant step in the company’s renewable energy expansion, JSW Energy informed the stock exchanges.
The agreement ensures the supply of solar power for 25 years at a tariff of ₹2.56/kW, JSW Energy said in the stock exchange filing.
The project is scheduled to be commissioned within 24 months, aligning with JSW Energy’s focus on sustainable energy development.
JSW Energy said it is on track to meet its target of 10 GW operational capacity by FY 2025, with its current portfolio totalling 7.9 GW, spanning thermal, hydro, and renewable energy sources.
Additionally, the company has secured 16.2 GWh of energy storage capacity through a battery energy storage system and hydro-pumped storage projects, reinforcing its commitment to grid stability and green energy.
By 2030, JSW Energy aims to scale up its generation capacity to 20 GW and achieve 40 GWh of energy storage capacity. As part of its long-term vision, the company has set an ambitious goal to achieve carbon neutrality by 2050, underscoring its commitment to transitioning toward a sustainable and environmentally conscious energy future.
Earlier this week, JSW Energy announced that its step-down subsidiary, JSW Renew Energy Seventeen Ltd, signed its first PPA with Gujarat Urja Vikas Nigam Ltd (GUVNL) for a hybrid power project.
The agreement involves the supply of 192 MW of hybrid energy, combining wind and solar, at a tariff of ₹3.27 per kWh for a 25-year period.
Shares of JSW Energy were trading 0.73% lower at ₹665.35 apiece at 11.10 am on Wednesday, October 23. The stock has gained 62.26% this year, so far.
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