JSW Energy Limited's wholly owned subsidiary, SW Neo Energy Limited, said on Tuesday that it had obtained a Letter of Award (LoA) from SJVN Limited for 700 MW of ISTS-connected solar capacity. In response to a tariff-based competitive proposal request for the establishment of 1,500 MW of ISTS-connected solar power plants, the business was awarded the order.

The company's total locked-in capacity grew to 11.0 GW, including 1.4 GW of solar power, following the awarding of 700 MW capacity by SJVN Ltd. The project has 24 months from the PPA's effective date to deliver power at its whole contractual capacity.

With 2.2 GW of operating, 2.6 GW under construction from wind, thermal, and hydro sources, and LoAs for 1.2 GW of capacity from SECI (Tranche – XVI) and SJVN, JSW Energy has a total locked-in generating capacity of 11.0 GW. Moreover, a battery energy storage system and a hydro-pumped storage project provide 3.4 GWh of locked-in energy storage capacity. By CY2024, the business hopes to have increased its operating generation capacity from 7.2 GW to 9.8 GW. By 2030, it wants to have 40 GWh of energy storage capacity in addition to 20 GW of producing capacity.

JSW Energy has set a lofty goal to become carbon neutral by 2050 and reduce its carbon footprint by 50% by 2030.

JSW Energy reported its third-quarter profits earlier in January, showing a gain in consolidated net profit of more than 28% to Rs 231 crore, mostly due to greater revenues. The quarter saw a 13% year-over-year growth in overall revenue to Rs 2,661 crore from Rs 2,350 crore in Q3FY23. This gain was primarily caused by robust thermal performance and an additional contribution from the renewable portfolio.