JSW Energy Limited on Wednesday announced that its step-down subsidiary JSW Renew Energy Eleven Limited has signed Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI), for ISTS connected 700 MW solar capacity awarded under SECI Tranche XIII.
In a regulatory filing, the company said that the PPA is signed for supply of power for a period of 25 years with a tariff of Rs 2.56/kWh. The aforesaid project is expected to be commissioned within 24 months.
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JSW Energy aims to achieve 10 GW operational capacity by FY 2025 and currently has 7.9 GW of operational capacity spread across thermal, hydro and RE. The company also has 16.2 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project.
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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.
Earlier in July, JSW Energy Chairman and Managing Director Sajjan Jindal had said that the company has plans to increase its capex over the next six years as it fast-tracks capacity additions. The company plans to bump its capex to Rs 1.15 trillion to reach its goal of 20 gigawatt (GW) by 2030 and 40 GWh (gigawatt hour) under Strategy 2.0, Jindal had said.
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