JSW Renew Energy Five Limited is a subsidiary of JSW Energy Limited. The company has received Letter of Awards (LoA) for 500MW/1,000MWh Standalone Battery Energy Storage Systems. It consists of two projects, each 250 MW and 500 MWh, from Solar Energy Corporation of India Limited (SECI).
For twelve years, the company will be entitled for a fixed capacity charge of Rs 10.8 lakhs per MW per month.
SECI is only obligated to provide 60% of project capacity/energy. JSWEL will manage the remaining 40%.
Prashant Jain is Joint Managing Director and CEO at JSW Energy. He said that the LoA for Battery Energy Storage System marks our first foray into energy storage. This is a crucial step towards our nation’s energy security, grid stability, and gives us an advantage in the storage solutions space. This is consistent with the company’s long-term strategy to become an energy solutions and products company.
The company has set a goal to reach 20 GW capacity in 2030, and a near-term target to reach 10 GW in 2025. With a total of 9.9GW of locked-in capacity, the company is well-positioned to meet its targets.
Around 1.7 GW of renewable energy projects are currently operational, under-construction/in-pipeline is 2.63 GW and with the acquisition of Mytrah Energy’s 1.75 GW renewable energy assets the total renewable locked-in capacity of the company stands at 6.0 GW.
JSW Energy set ambitious targets to reduce its carbon footprint by 50% by 2030, and achieve Carbon Neutrality in 2050 through a transition towards renewable energy.