JSW Energy inks power purchase agreement with SECI

23 Oct 2024 , 02:55 PM

JSW Energy Ltd announced on Wednesday, October 23, that it has entered into a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) for a new project through its subsidiary.

In a stock exchange statement, the business said that its step-down subsidiary, JSW Renew Energy Eleven Ltd, has signed a PPA with SECI for a 700MW solar project.

JSW Energy told the stock exchanges that the project, awarded under SECI’s Tranche XIII, will be Inter-State Transmission System (ISTS)-connected and represents a significant step forward in the company’s renewable energy expansion.

According to a stock exchange filing, JSW Energy has signed a 25-year agreement to supply solar power at a cost of ₹2.56/kW.

The project is expected to be completed within 24 months, in line with JSW Energy’s focus on sustainable energy development.

JSW Energy stated that it is on track to fulfil its aim of 10 GW operational capacity by FY 2025, with a current portfolio of 7.9 GW comprising thermal, hydro, and renewable energy sources.

Furthermore, the company has secured 16.2 GWh of energy storage capacity through a battery energy storage system and hydro-pumped storage projects, demonstrating its commitment to grid stability and renewable energy.

JSW Energy stated that by 2030, it plans to increase its generation capacity to 20 GW and attain 40 GWh of energy storage capacity. As part of its long-term strategy, the company has set an ambitious target of becoming carbon neutral by 2050, demonstrating its commitment to transitioning to a sustainable and ecologically responsible energy future.

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