JSW Neo Energy Signs Renewable Energy PPAs to Boost Capacity to 13.6 GW
These agreements include 1,025 MW with the Solar Energy Corporation of India Limited (SECI) and 300 MW with Gujarat Urja Vikas Nigam Limited (GUVNL), increasing the company's total locked-in capacity to 13.6 GW.
June 27, 2024. By Abha Rustagi
These agreements include 1,025 MW with the Solar Energy Corporation of India Limited (SECI) and 300 MW with Gujarat Urja Vikas Nigam Limited (GUVNL), increasing the company's total locked-in capacity to 13.6 GW.
Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, expressed satisfaction with the company's progress, stating, “We are happy to have signed the power purchase agreements with SECI and GUVNL for a cumulative renewable energy capacity of 1.3 GW. This includes a 1 GW Wind PPA with SECI, which is India’s largest wind PPA by a single bidder in a single bid."
"PPAs collectively account for 36 percent of our pipeline capacity and would enable us to fast-track our growth targets of achieving 20 GW capacity before 2030. It is another step in our renewable energy-led growth strategy and we will continue to contribute meaningfully in achieving India’s renewable and net-zero ambitions,” he added.
The 1,025 MW wind PPA with SECI is noted as the largest single tranche PPA signed by SECI. This project, which has a blended tariff of INR 3.62 per kWh for 25 years, will be developed in Gujarat and Karnataka. It is expected to be commissioned within 24 months, adding to JSW Energy's total locked-in wind capacity, which now stands at 4.8 GW.
The 300 MW solar capacity PPA with GUVNL, awarded under the Gujarat State Electricity Corporation Limited’s RE Park at Khavda, features a tariff of INR 2.66 per kWh for 25 years. The project is set to be commissioned within 21 months in Gujarat, bringing the company's total locked-in solar capacity to 3.3 GW.
JSW Energy's cumulative locked-in generation capacity now stands at 13.6 GW, encompassing 7.3 GW operational and 2.6 GW under construction across wind, thermal, and hydro projects. The company's renewable energy pipeline has reached 3.7 GW, with 1.3 GW under signed PPAs.
Additionally, JSW Energy has secured 3.4 GWh of energy storage capacity through battery energy storage systems and hydro-pumped storage projects. The company is committed to achieving a 20 GW generation capacity and 40 GWh of energy storage capacity by 2030, with a long-term goal of carbon neutrality by 2050.
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