JSW Energy bags 700 MW solar project from SECI

JSW Neo Energy, a wholly owned subsidiary of JSW Energy has received a letter of award (LoA) for ISTS-connected solar capacity of 700 MW from Solar Energy Corporation of India (SECI).

The LoA was received against tariff based competitive bid invited for setting up of 1,500 MW ISTS-connected solar power projects.

The current installed generation capacity is 7.2 GW. The company expects to have 9.8 GW of installed capacity by CY24, with the awarded capacity of 700 MW 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.

JSW Energy has total locked-in generation capacity of 11.7 GW comprising of 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. It aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030.

JSW Energy is primarily engaged in the business of generation of power with principal places located at Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh) and Salboni (West Bengal).

The company's consolidated net profit tumbled 28.79% to Rs 231.33 crore on 13.10% rise in net sales to Rs 2542.77 crore in Q3 FY23 over Q3 FY22.

Shares of JSW Energy rose 0.98% to Rs 465.95 on the BSE.

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