JSW Renew Energy Limited and JSW Renew Energy Thirty Limited, the company’s step-down subsidiaries, signed Power Purchase Agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) on Friday for STU-connected Solar-Wind Hybrid Capacity, JSW Energy Limited announced.
Two hybrid projects totaling 1,200 MW in capacity have PPAs signed by the company. Each project has a 600 MW capacity. On August 29, 2024, and September 10, 2024, respectively, the Letters of Award for these projects were received. It further stated that the rates for these agreements, which have a 25-year duration, are Rs 3.60/kWh.
The projects will be connected to STU in Maharashtra and are anticipated to be put into service within 24 months, according to a statement issued by the business. The company now has 8.3 GW of projects in the pipeline, with 4.4 GW of PPAs signed.
JSW Energy has 18.2 GW of total locked-in generation capacity, of which 7.7 GW are operating, 2.1 GW are under construction using wind, thermal, and hydropower, and 8.3 GW are in the RE pipeline. Through its hydro-pumped storage project and battery energy storage system, the corporation also possesses 16.2 GWh of locked-in energy storage capacity. Before 2030, the company wants to achieve 40 GWh of energy storage capacity and 20 GW of generating capacity.
During the firm’s FY24 annual general meeting in July, JSW Energy Chairman and Managing Director Sajjan Jindal announced that the company intends to accelerate capacity increases by increasing its capital expenditures over the following six years. To meet its targets of 20 gigawatts (GW) by 2030 and 40 GWh (gigawatt hour) under Strategy 2.0, the corporation intends to increase its capital expenditure to Rs 1.15 trillion.
