JSW Energy has set ambitious goals to reduce its carbon footprint by 50% by 2030 and achieve zero carbon emissions by 2050 by switching to renewable energy sources.
JSW Energy announced Thursday that its subsidiary, JSW Renew Energy Five Ltd. Certificate of Appreciation (LoA) from Solar Energy Corp. for a 500MW/1000MWh stand-alone battery energy storage system.
India (SECI) or higher will be awarded to two projects with a capacity of 250 MW/500 MW each. However, the company is entitled to a fixed capacity rate of 10.8 lacks per MW per month for 12 years.
SECI commitments are limited to 60% of design capacity/energy, with the remaining 40% managed by JSWEL.
“We are excited to receive the LoA for Battery Energy Storage System which marks our foray into energy storage solutions. This is an essential step towards our nation’s energy security and grid stability and gives us an early mover advantage in the storage solution space. This is in line with the company’s long term strategy to transition towards an energy products and solutions company,” said Prashant Jain, joint managing director and CEO of JSW Energy.
The company has set a target of reaching 20 GW of capacity by 2030 and 10 GW by 2025. With a total blocking capacity of 9.9 GW, the company is well-positioned to hit its target much sooner.
Approximately 1.7 GW of renewable energy projects are currently in operation, with 2.63 GW under construction/development. The acquisition of Mytrah Energy’s 1.75 GW renewable energy assets brings total renewable energy capacity to 6.0 GW.
JSW Energy has set ambitious goals to reduce its carbon footprint by 50% by 2030 and achieve zero carbon emissions by 2050 by switching to renewable energy sources.
The Company reported that in the second quarter of fiscal 2023, consolidated net income was Rs 465.67 crore, up 37.3 percent year-on-year, and net sales rose 14.4 percent to Rs 2,387.48 crore.
