New Delhi [India], July 29 : JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has received a Letter of Intent from Gujarat Urja Vikas Nigam Limited for setting up a 192 MW (Mega Watt) grid-connected Hybrid Power Project, the company informed the exchange in a filing on Monday.
The company added that this award also includes an additional 96 MW grid under the green shoe option.
The capacity is awarded against a tariff-based competitive bid invited for the setting up of 500 MW grid-connected hybrid power projects (Phase II), along with a green shoe option for additional capacity up to 500 MW.
Subsequent to this capacity award, the company's total locked-in generation capacity increases to 16.2 GW, including a total locked-in hybrid capacity of 2.1 GW. The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently.
With this project, the company further strengthens its energy solution offerings while moving towards an energy products and services company. JSW Energy has a total locked-in generation capacity of 16.2 GW comprising 7.5 GW operational, 2.3 GW under construction across wind, thermal, and hydro, and an RE pipeline of 6.3 GW (PPAs signed for 2.0 GW).
The company also has 4.2 GWh of locked-in energy storage capacity through a battery energy storage system and a hydro-pumped storage project.
The company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving carbon neutrality by 2050.
According to a statement by the company, it is presently constructing various power projects to the tune of 2.6 GW, with a vision to achieve a total power generation capacity of 20 GW before the year 2030.
The share price of the company stood at Rs 694.85 on NSE at the time of filing this report.
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