JSW Energy's arm receives LoA for 500MW Standalone Battery Storage System from SECI
Accord Fintech
India, Jan. 19 -- JSW Energy's 100% step-down subsidiary -- JSW Renew Energy Five 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 (SECI). The company will be entitled to receive a fixed capacity charge of Rs 10.8 lakh 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 JSW Energy. 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. JSW Energy, part of the JSW Group, is a growing energy company. The Group has diversified interests in carbon steel, power, mining, industrial gases, port facilities, aluminium, cement and information technology. Published by HT Digital Content Services with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at contentservices@htlive.com