JSW Energy signs agreement with SECI for 700 MW solar project

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JSW Energy's subsidiary, JSW Renew Energy Eleven Limited, has entered into a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) for a significant 700 MW solar project, as confirmed in a company statement released on Wednesday. This agreement, which was officially signed on October 23, sets a tariff of ₹2.56 per kilowatt-hour for the supply of power over a 25-year period. According to PTI, the project is expected to be commissioned within the next 24 months, aligning with the company's ongoing focus on renewable energy.

JSW Renew Energy Eleven, a step-down subsidiary of JSW Energy Limited, was awarded the project under SECI's Tranche XIII for solar energy generation. The project is to be connected to the Interstate Transmission System (ISTS), facilitating the distribution of renewable energy across various states.

As part of its broader strategy, JSW Energy aims to achieve a total operational capacity of 10 GW by the financial year 2025 (FY25). Currently, it operates 7.9 GW across a diverse mix of thermal, hydroelectric, and renewable energy sources. This includes a significant commitment to renewable energy, such as wind and solar projects, which form part of its long-term vision to lead the clean energy transition in India.

In addition to its power generation goals, the company has secured 16.2 GWh of energy storage capacity. This is managed through a combination of battery storage systems and hydro-pumped storage projects. The energy storage capacity is crucial for managing supply and demand fluctuations, ensuring a reliable and consistent energy output, even when renewable energy sources are less available.

JSW Energy's future ambitions are set even higher. By 2030, the company plans to scale up its generation capacity to 20 GW, coupled with an impressive target of reaching 40 GWh of energy storage. These ambitious goals underscore the company's commitment to not only expanding its renewable energy footprint but also to contributing to India's larger energy security and sustainability objectives.

The company is also focused on environmental goals, having set a target to become carbon neutral by 2050. This long-term goal places JSW Energy at the forefront of the industry's shift towards sustainable and eco-friendly power generation. Since its inception in 2000, JSW Energy has been steadily increasing its presence in the power sector. Today, it boasts a diverse portfolio that includes 3,508 MW from thermal energy, 2,152 MW from wind power, 1,391 MW from hydroelectricity, and 675 MW from solar energy.

This latest agreement with SECI marks another milestone in JSW Energy's journey toward becoming a major player in India's renewable energy landscape. PTI also reported that this deal aligns with the company's mission to lead the green energy transition while ensuring a sustainable future for the power industry in the country.

(With inputs from PTI)