JSW Energy shares gained nearly 2% on Thursday, March 14, after the company announced that its arm JSW Neo Energy has secured a Letter of Award (LoA) from Solar Energy Corporation of India Ltd (SECI) for a solar project of 700 megawatt capacity that will be connected to the interstate transmission system (ISTS).
The LoA has been obtained against a tariff-based competitive bid invited for setting up 1,500 MW ISTS-connected solar power projects, JSW said in a filing to the stock exchanges.
With this contract, the firm's total locked-in capacity increases to 11.7 GW comprising 1.2 GW of solar capacity.
JSW Energy's current installed generation capacity stands at 7.2 GW, with expectations to increase to 9.8 GW by CY24.
The company possesses a total locked-in generation capacity of 11.7 GW, which includes 7.2 GW in operation, 2.6 GW under construction in wind, thermal, and hydro sectors, and Letters of Assurance (LoAs) for an additional 1.9 GW capacity from SECI (Solar Tranche XIII and Wind Tranche XVI) and SJVN.
Additionally, JSW Energy has 3.4 GWh of locked-in energy storage capacity through battery energy storage systems and a hydro pumped storage project.
The company aims to achieve a generation capacity of 20 GW and an energy storage capacity of 40 GWh before 2030.
It has set ambitious targets, including a 50% reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050.
Last month, JSW Neo Energy obtained a LoA from SJVN Ltd for a solar capacity project totalling 700 MW, which will be integrated into the interstate transmission system.
Shares of JSW Energy were trading 1.55% higher at ₹468.6 apiece on BSE at 9:44 am.
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