Mumbai: JSW Renew Energy Five Limited, a wholly owned subsidiary of JSW Energy Limited has received Letters of Award (LoA) for total 500MW and 1,000MWh standalone battery energy storage systems for two projects, each of 250 MW and 500 MWh from Solar Energy Corporation of India Limited (SECI), said the company in a statement on Thursday.
"The company will be entitled to receive a fixed capacity charge of Rs 10.8 lakhs per MW
per month for 12 years. SECI's obligation shall be limited to 60 percent of the project
capacity/energy and remaining 40 percent of the project capacity is to be managed by JSWEL," it added.
Prashant Jain, Joint Managing Director and CEO of JSW Energy, said, "We are
excited to receive the LoA for battery energy storage system which marks our foray into
energy storage solutions." Adding to this, he said, "This is an essential step towards our nation's energy security and grid stability and gives us an early mover advantage in the storage solution space. This is in line with the company's long term strategy to transition towards an energy products and solutions company."
"The company has set a target to reach 20 GW capacity by 2030 and near-term target of
10 GW by 2025, with a total locked-in capacity of 9.9 GW the company is well placed to
achieve its targets well ahead of time," said the statement.
"Around 1.7 GW of renewable energy projects are currently operational, under-construction/in-pipeline is 2.63 GW and with the acquisition of Mytrah Energy's 1.75 GW renewable energy assets the total renewable locked-in capacity of the company stands at six GW. JSW Energy has set an ambitious target for a 50 percent reduction in its carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy," it added.