On Thursday, JSW Energy announced that JSW Renew Energy Five Ltd., its step-down subsidiary, has obtained letters of award (LoA) from Solar Energy Corp. of India (SECI) for 500 MW/1,000 MWH standalone battery energy storage systems.
Two 250 MW/500 MWH projects each are the recipients of this award. As a result, the company is qualified to receive a fixed capacity charge for a period of twelve years, equal to ₹10.8 Lakh per MW each month.
Only 60% of the project’s capacity or energy will be under SECI’s control; JSWEL will be in charge of the remaining 40%.
‘We are thrilled to begin our journey into energy storage solutions with the LoA for Battery Energy Storage System. This provides us an early mover advantage in the storage solution market and is a crucial step toward the energy security and grid stability of our country. This is consistent with the company’s long-term plan to become an energy products and solutions provider, according to Prashant Jain, JSW Energy’s CEO and joint managing director.
By 2030, the corporation hopes to attain 20 GW of capacity, and by 2025, 10 GW. With 9.9 GW of total locked-in capacity, the company is well-positioned to meet its goals well in advance of schedule.
Currently, there are about 1.7 GW of operational renewable energy projects, and there are 2.63 GW of projects in pipeline or under construction. After acquiring Mytrah Energy’s 1.75 GW of renewable energy assets, JSW Energy’s total locked-in capacity for renewable energy is now 6.0 GW.
The company has set a lofty goal to become carbon neutral by 2050 and reduce its carbon footprint by 50% by 2030 through the use of renewable energy.
In Q2 FY23, the firm recorded a 14.4% growth in net sales to ₹2,387.48 Crore, which translated into a 37.3% year-over-year increase in consolidated net profit to ₹465.67 Crore.
The company’s shares increased by 0.51% to ₹266.20 on the BSE on Wednesday.
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