JSW Neo Energy Secures 192MW Hybrid Power Project

30 Jul 2024 CW Team

JSW Energy announced that its subsidiary, JSW Neo Energy, has secured a 192-MW hybrid power project from Gujarat Urja Vikas Nigam, which includes an additional 96 MW under a greenshoe option. This award was given through tariff-based competitive bids for a 500 MW Grid-connected Hybrid Power Projects (Phase II), with an option for up to 500 MW more, according to a company statement.

The statement revealed that JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, had received a Letter of Intent from Gujarat Urja Vikas Nigam (GUVNL) to establish a 192 MW grid-connected hybrid power project, with the option to add 96 MW more.

Following this capacity award, the company?s total locked-in generation capacity now stands at 16.2 GW, which includes 2.1 GW in hybrid capacity. The company anticipates an installed generation capacity of 10 GW by FY25, an increase from the current 7.5 GW.

JSW Energy?s total locked-in generation capacity comprises 7.5 GW operational, 2.3 GW under construction across wind, thermal, and hydro projects, and a renewable energy pipeline of 6.3 GW (with Power Purchase Agreements signed for 2.0 GW). Additionally, the company holds 4.2 GWh of locked-in energy storage capacity through battery energy storage systems and hydro pumped storage projects. The company aims to achieve a generation capacity of 20 GW and an energy storage capacity of 40 GWh by 2030.

JSW Energy has also set an ambitious goal of reaching carbon neutrality by 2050.

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