JSW Neo Energy bags 500MW solar project from Solar Energy Corporation of India

New Delhi, Jul 22 (PTI) JSW Energy on Monday said its subsidiary JSW Neo Energy has secured a contract to develop a 500 MW inter-state transmission system (ISTS) connected solar project along with 250 MW/500 MWh of energy storage systems from Solar Energy Corporation of India (SECI).

JSW Neo has received LoA for setting up 500 MW ISTS-connected Solar Power Project along with 250 MW/500 MWh of Energy Storage Systems from SECI against tariff based Competitive Bid invited for setting up of 1,200 MW ISTS-connected Solar Power Projects along with 600 MW / 1,200 MWh of Energy Storage Systems (Tranche XV), a company statement said.

JSW Neo has also received a Letter of Award (or LoA) from Karnataka Renewable Energy Development Ltd (KREDL) for setting up a 300 MW solar project at Pavagada Solar Park, Karnataka, the company said in a separate statement.

Subsequent to this capacity award, the company’s total locked-in generation capacity increased to 16GW and the total locked-in energy storage capacity increased to 4.2 GWh.

The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW at present.

The company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030.

JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.