New Delhi [India], October 18 : The two subsidiaries of JSW Energy Limited signed Power Purchase Agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL), the company informed the exchange in a filing on Friday.
As per the statement by the company, the JSW Energy Limited's step-down subsidiaries, JSW Renew Energy Six Limited and JSW Renew Energy Thirty Limited, have signed the agreement for Solar-Wind Hybrid Projects with a combined capacity of 1,200 MW, consisting of two projects, each of 600 MW.
The company had received Letters of Award for the two projects on August 29, 2024, and September 10, 2024. The PPAs are valid for 25 years, with the agreed tariff set at Rs 3.60 per kilowatt-hour (kWh). The projects are expected to be commissioned within the next 24 months and will be connected to the State Transmission Utility (STU) in Maharashtra.
"The company has signed PPAs for two hybrid projects, each with a capacity of 600 MW, totalling 1,200 MW. The Letters of Award for these projects were received on August 29, 2024, and September 10, 2024, respectively" said the company.
With this development, JSW Energy continues to expand its renewable energy portfolio. The company currently has a project pipeline of 8.3 GW, with signed PPAs for 4.4 GW of that capacity. As part of its long-term strategy, JSW Energy aims to increase its overall power generation capacity to 20 GW and energy storage capacity to 40 GWh by 2030.
At present, JSW Energy's locked-in generation capacity totals 18.2 GW. This includes 7.7 GW of operational capacity and 2.1 GW under construction, which spans across wind, thermal, and hydro energy projects. Additionally, the company has locked in 16.2 GWh of energy storage capacity through a combination of battery energy storage systems and hydro pumped storage projects.
JSW Energy has also committed to becoming carbon neutral by 2050, showcasing its dedication to transitioning towards cleaner, more sustainable energy solutions in the coming decades.