JSW Neo Energy Ltd, a subsidiary of JSW Energy Ltd, has received a Letter of Award (LoA) to develop a 400-MW solar project linked to India's Inter-State Transmission System (ISTS).
JSW Energy Gains as Subsidiary Secures Solar Project from NTPC
JSW Energy rose by 1.20% to Rs 681.25 after announcing that its wholly-owned subsidiary, JSW Neo Energy, secured a Letter of Award (LoA) from India’s National Thermal Power Corporation (NTPC) to develop a 400 MW ISTS-connected solar project.
This award is part of NTPC's tariff-based competitive bidding for 1,500 MW of ISTS-connected solar projects (NTPC-ISTS-III). With this addition, JSW Energy's total committed generation capacity has reached 19.6 GW, including 4.4 GW allocated to solar projects.
JSW Energy Sets Targets for Growth and Carbon Neutrality
JSW Energy targets 10 GW of operational capacity by FY 2025, with its current operations spanning 7.7 GW across thermal, hydro and renewable energy. The company also boasts 16.2 GWh of energy storage capacity through battery and hydro-pumped storage projects.
Looking ahead, JSW Energy aims to achieve 20 GW of generation capacity and 40 GWh of energy storage capacity by 2030, with a long-term goal of reaching carbon neutrality by 2050.
JSW Energy Expands into Energy Storage and Wind Manufacturing
JSW Energy primarily focuses on power generation, with key facilities in Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh) and Salboni (West Bengal). The company’s consolidated net profit in Q2 FY25 increased slightly to Rs 8.53bn ($100.73m) from Rs 8.50bn in Q2 FY24. However, net sales slightly decreased, falling to Rs 32.38bn in Q2 FY25 from Rs 32.59bn in Q2 FY24.
JSW Energy also entered the energy storage sector, beginning construction of a 1GWh battery energy storage system in Fatehgarh, Rajasthan. The facility will store renewable energy such as solar and wind for use during peak demand. It consists of two units each with a capacity of 500 megawatt hours, thereby providing two hours of storage per cycle.
Additionally, JSW Energy plans to build a wind turbine blade manufacturing unit in Karnataka to reduce reliance on imports and ensure a consistent supply of wind turbine generators, potentially leading to cost savings on renewable energy projects. This proposed facility underscores JSW Energy’s strategic efforts to strengthen its presence in the renewable energy market.