JSW Energy Gets LoA From SECI For 700 MW ISTS-Connected Solar Capacity With this LoA under SECI Tranche XIII, the company's total locked-in generation capacity increases to 11.7 GW, of which 2.1 GW will be solar.
By Entrepreneur Staff •
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JSW Neo Energy on Thursday said that it has received Letter of Award (LoA) for ISTS-connected solar capacity of 700 MW from Solar Energy Corporation of India Limited (SECI), against tariff based competitive bid invited for setting up of 1,500 MW ISTS-connected solar power projects.
According to the company, the current generation capacity is 7.2 GW and the it expects to have 9.8 GW of installed capacity by current year 2024. With this LoA under SECI Tranche XIII, the company's total locked-in generation capacity increases to 11.7 GW, of which 2.1 GW will be solar.
This 11.7 GW capacity comprises 7.2 GW operational, 2.6 GW under-construction across wind, thermal and hydro and LoAs for 1.9 GW capacity from SECI (Solar Tranche XIII and Wind Tranche XVI) and SJVN.
In addition, the company has 3.4 GWh of locked-in energy storage capacity by means of battery energy storage system and hydro pumped storage project. JSW Energy aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. It has set an ambitious target for 50 per cent reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050.
Earlier in January, JSW Energy had reported over 28 per cent rise in its consolidated net profit to INR 231 crore for the December 2023 quarter on the back of higher revenues. During the quarter, the total revenue increased 13 per cent year-on-year to INR 2,661 crore from INR 2,350 crore in Q3 FY23, driven by incremental contribution from renewable portfolio and strong thermal performance, largely driven by a buoyant merchant market.
