JSW Energy Receives Letter of Awards for 500MW Standalone Battery Storage System from SECI

Mumbai, India, January 19, 2023 (GNI): JSW Renew Energy Five Limited, a 100% step-down subsidiary of JSW Energy Limited (or ‘the Company’) has 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’).

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, stated in the press release.

ABOUT JSW ENERGY: JSW Energy Ltd is one of the leading Private sector power producers in India and part of the USD 22 billion JSW Group which has significant presence in sectors such as steel, energy, infrastructure, cement, sports among others. JSW Energy Ltd has established its presence across the value chains of power sector with diversified assets in power generation, and transmission. With strong operations, robust corporate governance and prudent capital allocation strategies, JSW Energy continues to deliver sustainable growth, and create value for all stakeholders. JSW Energy began commercial operations in 2000, with the commissioning of its first 2×130 MW thermal power plants at Vijayanagar, Karnataka. Since then, the company has steadily enhanced its power generation capacity from 260 MW to 4,811 MW having a portfolio of Thermal 3,158 MW, Hydel 1,391 MW & Solar 235 MW, ensuring diversity in geographic presence, fuel sources and power off-take arrangements. The Company is presently constructing various renewable power projects to the tune of 2.2 GW, with a vision to achieve a total power generation capacity of 20 GW by the year 2030, when the share of renewables in the total capacity will increase to ~ 81%. Ends GNI SG