JSW Energy Subsidiary Inks Landmark Battery Energy Storage Agreement
JSW Renew Energy Five, a subsidiary of JSW Neo Energy and JSW Energy, has entered into a Battery Energy Storage Purchase Agreement (BESPA) for a significant project with Solar Energy Corporation of India Limited (SECI). This landmark agreement involves the development of a 250 MW/500 MWh standalone battery energy storage system, forming part of a larger initiative with a total capacity of 500 MW/1,000 MWh (two projects of 250 MW/500 MWh each).
Under the terms of the agreement, JSW Renew Energy Five will receive a fixed capacity charge of Rs 10.84 lakh per MW per month for twelve years, covering 60% of the total capacity, equivalent to 150 MW/300 MWh. The remaining 40% of the project capacity, amounting to 100 MW/200 MWh, will be managed by the company. The project is obligated to supply the contracted capacity within 18 months.
JSW Energy, with a current locked-in generation capacity of 11 GW, including 7.2 GW operational and 2.6 GW under construction in wind, thermal, and hydro, holds Letters of Agreement for an additional 1.2 GW. Following this latest development, the company has secured Power Purchase Agreements (PPA) for 500 MWh, contributing to its overall locked-in energy storage capacity of 3.4 GWh through battery energy storage and hydro-pumped storage projects.
JSW Energy anticipates reaching an operational generation capacity of 9.8 GW by 2024, a significant increase from the current 7.2 GW. The company has set ambitious targets, aiming for a total generation capacity of 20 GW and an energy storage capacity of 40 GWh before 2030. In line with global sustainability goals, JSW Energy is committed to a 50% reduction in carbon footprint by 2030, with the ultimate objective of achieving Carbon Neutrality by 2050. This strategic move underscores the company's dedication to advancing renewable energy solutions and contributing to a greener, more sustainable future.
