JSW Neo Energy Secures 300 MW Solar Project at Pavagada Solar Park

JSW Neo Energy Limited, a subsidiary of JSW Energy Limited, has secured a contract from Karnataka Renewable Energy Development Limited (KREDL) to develop a 300 MW solar power project at Pavagada Solar Park in Karnataka. This milestone enhances JSW Neo's total locked-in capacity to about 15.5 GW.

The award is crucial toward JSW Energy's ambitious growth trajectory - to boost its installed generation capacity to 10 GW by the fiscal year 2025, up from the current 7.5 GW. The company's portfolio includes 7.5 GW of operational capacity, with an additional 2.3 GW under construction across wind, thermal, and hydro projects. In addition, JSW Energy has secured power purchase agreements (PPAs) for 2.0 GW within its renewable energy pipeline totaling 5.7 GW.

Notably, JSW Energy also boasts 3.7 GWh of locked-in energy storage capacity through battery energy storage systems (BESS) and hydro pumped storage projects. Looking ahead, the firm has set ambitious targets to scale its generation capacity to 20 GW and achieve 40 GWh of energy storage capacity by 2030. Furthermore, JSW Energy has a goal to achieve Carbon Neutrality by 2050, aligning with global efforts to combat climate change.

Recently, JSW announced strong financial performance for the first quarter of the current financial year ending June 30, 2024. The company recorded an impressive 80 percent year-on-year (YoY) increase in Profit After Tax (PAT) for the quarter, amounting to INR 522 crore. 

The company reported an EBITDA of INR 1,581 crore, marking a 21 percent YoY increase, primarily due to enhanced generation capacities. During the quarter, JSW Energy added 291 MW of capacity, including 45 MW of wind energy assets.