JSW Neo Energy Ltd, a wholly-owned subsidiary of JSW Energy Ltd, has received a Letter of Intent (or “LoI”) from Gujarat Urja Vikas Nigam Ltd (GUVNL) --- a Gujarat government entity engaged in bulk sale and purchase of electricity --- for setting up a 192 MW grid connected hybrid power project, including an additional 96 MW under the green shoe option.
The capacity has been awarded against tariff-based competitive bids invited for setting up 500 MW Grid connected Hybrid Power Projects (Phase II), along with a green shoe option for additional capacity up to 500 MW, the company said in a regulatory filing.
Subsequent to this capacity award, the company’s total locked-in generation capacity increases to 16.2 GW, including total locked-in hybrid capacity of 2.1 GW. The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently. With this project, the company further strengthens its energy solution offerings, while moving towards an energy products and services company.
JSW Energy also has 4.2 GWh of locked-in energy storage capacity through a battery energy storage system and hydro pumped storage project. The company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.