JSW Renew Energy Five Limited, subsidiary of JSW Energy Limited, has announced that the company received Letter of Awards (LoA) for total 500MW/1,000MWh Standalone Battery Energy Storage Systems (two projects each of 250 MW / 500 MWh) from Solar Energy Corporation of India Limited (or ‘SECI’), via an exchange filing.
The company will be entitled to receive a fixed capacity charge of ₹10.8 lakhs per MW per month for twelve years.
SECI’s obligation shall be limited to 60% of the project capacity/energy and remaining 40% of the project capacity is to be managed by JSWEL.
Prashant Jain, Joint Managing Director and CEO of JSW Energy, said: “We are excited to receive the LoA for Battery Energy Storage System which marks our foray into energy storage solutions. This is an essential step towards our nation’s energy security and grid stability and gives us an early mover advantage in the storage solution space. This is in line with the company’s long term strategy to transition towards an energy products and solutions company.”
The company has set a target to reach 20 GW capacity by 2030 and near-term target of 10 GW by 2025, with a total locked-in capacity of 9.9 GW the company is well placed to achieve its targets well ahead of time.
Around 1.7 GW of renewable energy projects are currently operational, under-construction/in-pipeline is 2.63 GW and with the acquisition of Mytrah Energy’s 1.75 GW renewable energy assets the total renewable locked-in capacity of the company stands at 6.0 GW.
JSW Energy has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy.
