JSW Energy subsidiary signs landmark renewable energy PPAs in Gujarat and Karnataka

JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy Limited, has significantly expanded its renewable energy portfolio by signing Power Purchase Agreements (PPAs) totaling 1,325 MW. These agreements include 1,025 MW with Solar Energy Corporation of India Limited (SECI) and 300 MW with Gujarat Urja Vikas Nigam Limited (GUVNL), elevating the company’s total locked-in capacity to an impressive 13.6 GW.

The wind PPA with SECI, at 1,025 MW, marks the largest single tranche agreement signed by the corporation. Set at a blended tariff of ₹3.62/KWh, this project underscores a significant commitment to renewable energy, with a supply duration of 25 years. Located in Gujarat (JSW Renew Energy Eight Limited) and Karnataka (JSW Renew Energy Four Limited), these projects are scheduled for commissioning within 24 months, boosting JSW’s wind capacity to 4.8 GW.

In addition to the wind project, JSW Neo has secured a 300 MW solar PPA with GUVNL under Gujarat State Electricity Corporation Limited’s RE Park at Khavda (GSECL Stage-3). This project, which features a competitive tariff of ₹2.66/KWh for a 25-year period, is located in Gujarat (JSW Renew Energy Ten Limited) and is anticipated to be operational within 21 months. This agreement will increase JSW Neo’s total solar capacity to 3.3 GW.

With a current generation capacity comprising 7.3 GW operational and 2.6 GW under construction across various renewable and traditional sources, plus a 3.7 GW renewable energy pipeline, JSW Energy is on a path to achieve 20 GW of generation capacity and 40 GWh of energy storage capacity by 2030. Moreover, the company has set a bold target of reaching carbon neutrality by 2050, reflecting its commitment to sustainable energy development.

JSW Neo Energy’s strategic investments in renewable projects are timely and align with global trends towards sustainable energy solutions. These large-scale initiatives not only support India’s renewable energy goals but also demonstrate the potential for substantial environmental and economic benefits through long-term energy agreements.