JSW Energy said on Monday that its subsidiary JSW Renew Energy has signed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) for 540 megawatt (MW) of wind-based electricity.
JSW Energy marked its entry into the wind power generation sector by winning 810 MW projects in the auction conducted by SECI in August 2020. Sources aware of the developments said talks are currently under way between the company and SECI to sign a PPA for the remaining capacity won in the auction. The company was awarded the wind project against its quote of Rs 3 per unit.
JSW Energy currently has a power generation capacity of 4,559 MW, comprising 3,158 MW thermal, 1,391 MW hydel and 10 MW of solar power plants. The company aims to reach 10,000 MW capacity in three-five years, mainly through renewables addition.
JSW Energy intends to build a renewable capacity of 1,100 MW to meet its renewable purchase obligations. It is also constructing a 240 MW greenfield hydro project at Kutehr in Himachal Pradesh. It has cancelled a Rs 5,321-crore deal to acquire GMR Infra’s 1,050 MW Kamalanga thermal power plant in Odisha.
“The ongoing transition towards clean energy, driven by climate change concerns as well as technological shifts, brings significant opportunities for JSW Energy to expand its footprint in the renewable space,” a company official said, requesting anonymity.
The country has set a target to raise the capacity of installed renewable energy generation plants to 450 GW by 2030. The current installed renewable energy generation capacity stands at 94 GW, about 34 GW is under various stages of implementation and 30 GW under various stages of bidding. Additionally, 46.2 GW of hydro and 6.8 GW of nuclear capacities are also currently online.