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NEW DELHI: JSW Energy on Thursday said its step-down subsidiary, JSW Renew Energy Five Ltd., has received letters of award (LoA) for 500 MW/1,000 MWH standalone battery energy storage systems from Solar Energy Corp. of India (SECI).

The award is for two projects of 250 MW/500 MWH capacity each. With this the company is entitled to receive a fixed capacity charge of 10.8 lakh per MW per month for twelve years.

SECI’s obligation shall be limited to 60% of the project capacity/energy and remaining 40% of the project capacity will be managed by JSWEL.

“We are excited to receive the LoA for Battery Energy Storage System which marks our foray into energy storage solutions. 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," said Prashant Jain, joint managing director and CEO of JSW Energy.

The company has set a target to reach 20 GW capacity by 2030 and 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.

Around 1.7 GW of renewable energy projects are currently operational, while under-construction/in-pipeline projects amount to 2.63 GW. With the acquisition of Mytrah Energy’s 1.75 GW renewable energy assets, total renewable locked-in capacity stands at 6.0 GW.

JSW Energy has set an ambitious target of a 50% reduction in its carbon footprint by 2030 and achieving carbon neutrality by 2050 by transitioning to renewable energy.

The company reported 37.3% year-on-year rise in its consolidated net profit to 465.67 crore on 14.4% increase in net sales to 2,387.48 crore in Q2 FY23.

On Wednesday, shares of the company traded 0.51% higher to 266.20 on the BSE.

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