JSW Neo Energy Limited Energy Signs PPAs for 1,325 MW of Renewable Energy Projects

Mumbai, India – June 26, 2024 (GNI): JSW Neo Energy Limited (“JSW Neo”), a wholly owned subsidiary of JSW Energy Limited (“The Company”), has made significant strides in its renewable energy expansion. The company has signed Power Purchase Agreements (“PPAs”) through its subsidiaries for wind and solar projects with a cumulative capacity of 1,325 MW. This includes 1,025 MW with Solar Energy Corporation of India Limited (“SECI”) and 300 MW with Gujarat Urja Vikas Nigam Limited (“GUVNL”), bringing the total locked-in capacity of the company to 13.6 GW.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said: “We are happy to have signed the power purchase agreements with SECI and GUVNL for cumulative renewable energy capacity of 1.3 GW. This includes 1 GW Wind PPA with SECI, which is India’s largest wind PPA by a single bidder in a single bid. PPAs collectively account for 36% of our pipeline capacity and would enable us to fast-track our growth targets of achieving 20 GW capacity before 2030. It is another step in our renewable energy led growth strategy and we will continue to contribute meaningfully in achieving India’s renewable and net-zero ambitions.”

Key Highlights:

• Largest Single Tranche PPA by SECI: The wind PPA of 1,025 MW is the largest single tranche PPA signed by SECI. This project features a blended tariff of ₹3.62/KWh for 25 years and is expected to be commissioned within 24 months in Gujarat (JSW Renew Energy Eight Limited) and Karnataka (JSW Renew Energy Four Limited). Currently the total locked-in wind capacity of the Company stands at 4.8 GW.
• Solar Capacity with GUVNL: The 300 MW grid-connected solar capacity PPA with GUVNL, awarded under Gujarat State Electricity Corporation Limited’s RE Park at Khavda (“GSECL Stage-3”), has a tariff of ₹2.66/KWh for 25 years. This project, located in Gujarat (JSW Renew Energy Ten Limited), is expected to be commissioned within 21 months. Currently the total locked-in solar capacity of the Company stands at 3.3 GW.

Strategic Growth and Environmental Commitment: JSW Energy’s total locked-in generation capacity now stands at 13.6 GW, which includes 7.3 GW operational and 2.6 GW under construction across wind, thermal, and hydro projects. The company’s renewable energy pipeline is now at 3.7 GW, with 1.3 GW having signed PPAs. Additionally, JSW Energy has secured 3.4 GWh of energy storage capacity through battery energy storage systems and hydro pumped storage projects. The Company is committed to achieving 20 GW generation capacity and 40 GWh of energy storage capacity by 2030, and aims for Carbon Neutrality by 2050.

Ongoing and Upcoming Projects:

• Under-Construction Projects:
• Hydro: The 240 MW Kutehr Hydro power plant, tied up with Haryana Power Purchase Centre, contributes to the company’s 1.6 GW locked-in hydro capacity.
• Thermal: Construction of the 350 MW Unit 2 of the Ind-Barath thermal power plant is underway. Unit 1 (350 MW) was synchronized in January 2024, marking the fastest revival of a stalled thermal power plant. JSW Energy’s total locked-in thermal capacity is 3,858 MW, with 3,508 MW installed.
• Wind: JSW Energy is constructing 2.0 GW of wind projects, including SECI IX (718 MW), SECI X (205 MW), SECI XII (300 MW), and Group Captive (737 MW).
• New Age Businesses:
• JSW Energy is set to commission milestone projects in energy storage and green hydrogen production. This includes a 500 MW/1,000 MWh battery energy storage system (BESS) and India’s largest green hydrogen production plant for green steel production. The hydrogen plant has a 7-year supply agreement with JSW Steel Ltd and is expected to be commissioned by Q4 FY25.
• Currently, the company has 3.4 GWh of locked-in storage capacity, with a PPA signed for 250 MW/500 MWh of BESS with SECI.
• To de-risk its supply chain, JSW Energy has entered into a technology licensing agreement with SANY Renewable Energy for the manufacturing of 3.X MW wind turbine generators (WTGs). Current Pipeline:
  The current pipeline of 3.7 GW includes:
• Solar Projects:
• SJVN: 700 MW
• SECI XIII: 700 MW
• GUVNL: 300 MW
• NTPC: 700 MW
• Wind Projects:
• SECI XVI: 1,025 MW
• Hybrid Projects:
• SECI VIII: 300 MW

ABOUT JSW ENERGY: JSW Energy Ltd is one of the leading Private sector power producers in India and part of the USD 24 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 the 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 7,290 MW having a portfolio of Thermal 3,508 MW, Wind 1,716 MW, Hydel 1,391 MW and Solar 675 MW ensuring diversity in geographic presence, fuel sources and power off-take arrangements. The Company is presently constructing various power projects to the tune of 2.6 GW, with a vision to achieve a total power generation capacity of 20 GW before the year 2030.ends GNI