JSW Neo Energy Secures 192 MW Hybrid Power Project in Gujarat

JSW Neo Energy has received a Letter of Intent from Gujarat Urja Vikas Nigam Limited for a 192 MW hybrid power project. This award boosts the company's total locked-in generation capacity to 16.2 GW. The company aims for 20 GW generation capacity and carbon neutrality by 2050.

JSW Neo Energy, a subsidiary of JSW Energy, has clinched a Letter of Intent from Gujarat Urja Vikas Nigam Limited to establish a 192 MW grid-connected hybrid power project, the company revealed in a filing on Monday. This accolade also includes an additional 96 MW grid capacity under the green shoe option.

The capacity was secured through a tariff-based competitive bid aimed at setting up 500 MW grid-connected hybrid power projects in its second phase, with a green shoe option for up to 500 MW additional capacity. This award raises JSW Energy's total locked-in generation capacity to 16.2 GW, encompassing 2.1 GW of hybrid capacity. The company intends to escalate its installed generation capacity to 10 GW by FY25 from the current 7.5 GW.

This project enhances JSW Energy's array of energy solutions, transitioning it towards an energy products and services company. Currently, the company boasts a total locked-in generation capacity of 16.2 GW, which includes 7.5 GW operational, 2.3 GW under construction across wind, thermal, and hydro sectors, and a renewable energy pipeline of 6.3 GW. Additionally, JSW Energy has locked-in energy storage capacity of 4.2 GWh through battery and hydro-pumped storage systems.

The company's overarching ambition is to achieve 20 GW generation capacity and 40 GWh of energy storage capacity by 2030. With an objective to achieve carbon neutrality by 2050, JSW Energy is in the process of building power projects totaling 2.6 GW, aiming to meet a 20 GW generation target ahead of 2030.

As per the latest reports, the share price of JSW Energy stood at Rs 694.85 on the NSE. (ANI)

(With inputs from agencies.)