JSW Energy Arm Bags Mega Solar Power, Energy Storage Contract From SECI
JSW Neo Energy Ltd., a wholly owned subsidiary of JSW Energy Ltd., on Monday bagged a contract to develop a 500 megawatt inter-state transmission system-connected solar power project along with 250 MW/500 MW-hour of energy storage systems from the Solar Energy Corporation of India.
The company received the letter of award after participating in the tariff-based competitive bidding process conducted by the government-run SECI this month for the setting up of a 1,200 MW solar project along with 600 MW of energy storage systems.
Following this capacity award, JSW Energy's total secured generation will rise to 16 gigawatts, with the total secured energy storage capacity increasing to 4.2 GW-hour, a statement said. Of these, 2.3 GW capacity is under-construction across wind, thermal, and hydro. The total renewable energy pipeline stands at 6.2 GW.
The company anticipates achieving an installed generation capacity of 10 GW by the end of this fiscal year, an increase from the current 7.5 GW.
JSW Energy reported an 84% yearly surge in net profit in the first quarter of fiscal 2025, beating estimates, driven by higher profitability in the thermal business and incremental contribution from renewable energy capacity additions. The results were announced last week.
The JSW Group company reported a net profit of Rs 534 crore in the April-June quarter, compared to a Bloomberg estimate of Rs 373.7 crore.
Net generation capacity increased 18% to 7.9 billion units, driven by higher hydro and thermal generation and organic wind capacity additions.
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