JSW Energy arm bags two battery energy storage system projects from SECI

JSW Energy on Thursday said that its arm JSW Renew Energy Five has bagged two battery energy storage system projects totalling 500 MW/ 1,000 MW from Solar Energy Corporation of India (SECI).

The company will be entitled to receive a fixed capacity charge of Rs 10.8 lakh per MW per month for twelve years, a company statement said.

Energy storage system of 500 MW/1,000 MW means 500 MW of battery energy can provide power backup for two hours, giving total output of 1,000 MW, the company explained.

SECI's obligation shall be limited to 60 per cent of the project capacity/energy and the remaining 40 per cent is to be managed by the company, JSW Energy stated.

Also read: Budget 2023: Why investors should keep an eye on railway stocks ahead of Union Budget 

JSW Renew Energy Five Ltd, a 100 per cent step-down subsidiary of JSW Energy, has received the Letter of Awards (LoA) for total 500 MW/1,000 MW standalone battery energy storage systems (two projects each of 250 MW/500 MW) from SECI, it stated.

Prashant Jain, Joint Managing Director and CEO of JSW Energy, said in the statement, "We are excited to receive the LoA for battery energy storage system which marks our foray into energy storage solutions. 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.

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 6.0 GW.

Click here to get more stock market updates I Zee Business Live