You can be on Entrepreneur’s cover!

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

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Photo Curtesy: Freepik

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.

Entrepreneur Staff

Entrepreneur Staff

Editor

News and Trends

Nikhil Kamath's WTFund Invites Applications from April 15 from Young Entrepreneurs

The new sector-agnostic fund will offer a package including a non-dilutive grant of INR 20 lakh and will enable founders to retain full equity in their ventures.

Growing a Business

5 Entrepreneurial Mindsets That Drive Success

Here are the mindsets shared by the most successful entrepreneurs.

Science & Technology

How Can Marketers Use ChatGPT? Here Are the Top 11 Uses.

With the recent developments in AI and the popularity of ChatGPT, you may want to integrate AI into your marketing practices. Find out how.

News and Trends

Aerospace Components Manufacturer JJG Aero Secures USD 12 Mn from CX Partners

The Bengaluru-based platform aims to utilise the raised funds mainly toward furthering vertical integration, boosting manufacturing capacity at the new location, and other business activities.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.