Get All Access for $5/mo

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 Paromita Gupta

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.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

East Ocyon Bio, Culture Circle, Power Gummies, and Navanc Raise Early-Stage Funding

The startups listed below have disclosed investment rounds.

News and Trends

Haber Secures USD 44 Mn in Series C Round to Drive Global Expansion

Accel remains the largest external stakeholder with an 18.1% stake, followed by Creaegis and Elevation.

News and Trends

Tech Giants and MSMEs: Friends or Foes In the Digital Ecosystem?

The dominance of tech giants presents both opportunities and challenges for MSMEs. While these platforms provide essential tools and global reach, their control over key digital infrastructures often creates significant barriers for smaller businesses.

Fundraising

Will Investors Bite on a Pizza Wallet? Find Out on the Wild Season Finale of 'Elevator Pitch.'

On the season 12 finale of "Entrepreneur Elevator Pitch," contestants teach investors to look at ordinary things in a whole new way.

News and Trends

4 Things to Know About Sanjay Malhotra, the 26th Governor of RBI

With extensive experience in various Indian government departments, Malhotra is well-versed in finance and taxation at both state and central levels