JSW Energy announced this week that it has signed battery energy storage purchase agreement (BESPA) for 250 MW/500 MWh of standalone battery energy storage with Solar Energy Corp. of India Ltd. This is the first part capacity out of the total 500 MW/1,000 MWh (comprising two projects of 250 MW/500 MWh each) awarded by SECI.
The agreement was signed by JSW Renew Energy Five, a wholly owned subsidiary of JSW Neo Energy Ltd and a step-down subsidiary of JSW Energy.
JSW Energy stated the company (JSW Renew Energy Five) will receive a fixed capacity charge of INR 10.84 lakh ($13,077) per MW per month for twelve years for 60% of the total capacity amounting to 150 MW/300 MWh. The utilisation of remaining 40% of the project capacity, i.e., 100 MW/200 MWh, is to be managed by the company.
The project is required to supply power of the contracted capacity within 18 months.
JSW Energy has a total locked-in generation capacity of 11 GW comprising 7.2 GW operational, 2.6 GW under-construction across wind, thermal and hydro, and LoAs for 1.2 GW.
With the latest deal secured with SECI, the company has signed PPA for 500 MWh out of the total 3.4 GWh of locked-in energy storage capacity from battery energy storage system and hydro pumped storage projects. The company expects to have 9.8 GW of operational generation capacity by CY2024, up from the current operational capacity of 7.2 GW. It targets 20 GW generation capacity and 40 GWh of energy storage capacity before 2030.
JSW Energy targets a 50% reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050.
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