JSW Renew Energy Five Limited, a step-down subsidiary of JSW Energy Limited, has received a Letter of Award (LoA) from the Solar Energy Corporation of India Limited (or
The company will thereafter be qualified to earn a fixed capacity charge of 10.8 lakhs per MW every month for twelve years, according to a stock exchange filing by JSW Energy on January 19. JSWEL will handle the remaining 40% of the project's capacity, with SECI's commitment being limited to 60% of the project's capacity, it continued.
Provider Of Renewable Energy
The corporation aims to reach a capacity of 20 GW by 2030 and a shorter-term goal of 10 GW by 2025. The company is well-positioned to accomplish its goals well ahead of time with a total locked-in capacity of 9.9 GW.
"This is a crucial step towards our nation's energy security and grid stability and gives us an early mover advantage in the storage solution area," JSW Energy's joint managing director and CEO, Prashant Jain, stated in a press release. This is consistent with the organization's long-term plan to transform into a provider of energy products and services.
The firm's total renewable locked-in capacity has increased to 6.0 GW with the addition of 1.75 GW of renewable energy assets from Mytrah Energy. According to the press filing, there are 2.63 GW of planned renewable energy projects, 2.63 GW that are actively being developed, and 1.7 GW that are now in operation. JSW Energy aspires to become carbon neutral by the year 2050 and reduce its carbon footprint by half by the year 2030 through utilizing renewable energy.
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