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JSW Secures Two LOAs for 300 MW and 500 MW Solar Power Projects

JSW Neo Energy Limited secures two major solar power projects, 300 MW from KREDL in Karnataka and 500 MW from SECI, expanding its capacity to 16 GW and supporting its 2030 goals.

by Damodharan N

Updated Jul 22, 2024

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JSW Secures Two LOAs for 300 MW and 500 MW Solar Power Projects

JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy Limited, has been awarded two  contracts for solar power projects.

The first contract, from Karnataka Renewable Energy Development Limited (KREDL), is for a 300 MW solar power project at Pavagada Solar Park, Karnataka. This addition increases JSW Energy's total locked-in capacity to 15.5 GW.

The project will contribute to the company's goal of achieving a 10 GW installed generation capacity by FY25. The specific completion date and total contract value have not been disclosed.

The second contract is from Solar Energy Corporation of India Limited (SECI) for a 500 MW ISTS-connected solar power project, accompanied by 250 MW / 500 MWh of energy storage systems.

This project, part of SECI’s Tranche XV, is expected to further strengthen JSW Energy's energy solutions. Following this award, the company's total locked-in generation capacity will rise to 16.0 GW and its energy storage capacity to 4.2 GWh. Again, the exact completion date and contract value are not specified.

JSW Energy's new projects strategically align with its ambitious target to achieve 20 GW in generation capacity and 40 GWh in energy storage by 2030, with a goal of Carbon Neutrality by 2050.

Get the Karnataka Project details Here 

Get the SECI Project Details Here 

JSW Energy

JSW Energy Ltd is a major private sector power producer in India, part of the $24 billion JSW Group. Established in 2000, the company has grown its power generation capacity from 260 MW to 7,536 MW, with a diverse portfolio that includes 3,508 MW of thermal power, 1,962 MW of wind, 1,391 MW of hydel, and 675 MW of solar.

JSW Energy operates across power generation and transmission sectors and is actively constructing projects to achieve a total capacity of 20 GW by 2030. The company focuses on sustainable growth and value creation through its robust corporate governance and capital allocation strategies.

Get the live Share price of JSW on BSE Here

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Karnataka Renewable Energy Development

Karnataka Renewable Energy Development Limited (KREDL), established in 1996, is the state nodal agency for promoting and developing renewable energy projects in Karnataka.

Its core responsibilities include investigating renewable energy potential, coordinating and enforcing energy conservation regulations, facilitating private sector developers, and monitoring project performance.

KREDL also aids developers in obtaining statutory clearances and publicizes renewable energy usage through various outreach activities. The agency supports renewable energy projects by providing incentives like tax exemptions, purchase price fixation, and wheeling and banking facilities, thereby encouraging rapid growth in the sector.

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Solar Energy Corporation of India

Solar Energy Corporation of India Ltd (SECI) is a central public sector undertaking established on September 20, 2011, under the Ministry of New and Renewable Energy (MNRE).

Originally set up as a non-profit entity, SECI was reconstituted as a Section-3 company in 2015 to oversee the broader renewable energy sector. It plays a crucial role in implementing national solar missions and renewable energy schemes, including turnkey solar project development for government departments.

SECI also holds a Category 1 power trading license, facilitating solar power trading from its projects. The company’s mandate includes supporting various renewable energy initiatives and contributing to the sector’s growth.

 


JSW Secures Two LOAs for 300 MW and 500 MW Solar Power Projects - FAQs

1. Who awarded the 300 MW solar power project to JSW Neo Energy?        

The 300 MW solar power project was awarded by Karnataka Renewable Energy Development Limited (KREDL).

2. What is the location of the 300 MW solar power project?  

The 300 MW solar power project will be located at Pavagada Solar Park in Karnataka.

3. Who awarded the 500 MW solar power project to JSW Neo Energy?  

The 500 MW solar power project was awarded by the Solar Energy Corporation of India Limited (SECI).

4. What additional component is included with the 500 MW solar power project?  

The 500 MW solar power project includes 250 MW of energy storage systems with a total capacity of 500 MWh.

5. What is JSW Energy's total locked-in capacity after these contracts?  

After these contracts, JSW Energy’s total locked-in capacity increases to 16.0 GW.

6. What is JSW Energy’s target installed generation capacity by FY25?        

JSW Energy aims to achieve an installed generation capacity of 10 GW by the fiscal year 2025.

7. What is JSW Energy’s energy storage capacity after the SECI contract?  

Following the SECI contract, JSW Energy’s energy storage capacity will be 4.2 GWh.

8. When was the 300 MW solar power project awarded to JSW Neo Energy?  

The 300 MW solar power project was awarded to JSW Neo Energy on July 22, 2024.

9. When was the 500 MW solar power project awarded to JSW Neo Energy?    

The 500 MW solar power project was awarded to JSW Neo Energy on July 22, 2024.

10. What is JSW Energy’s goal for generation capacity by 2030?  

JSW Energy’s goal is to achieve a total generation capacity of 20 GW by the year 2030.

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