JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy Limited, has bagged two major contracts for the construction of solar power projects, the company said in a press release on Monday.
What Happened: JSW Neo has received a letter of award from the Solar Energy Corporation of India Limited (SECI) for setting up a 500-megawatt solar power project along with 250 megawatt- or 500 megawatt-hour energy storage systems.
With the award, the company’s total locked-in generation capacity has gone up to 16 gigawatts and its total energy storage capacity to 4.2 gigawatt hours.
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“With this project, the company further strengthens its energy solution offerings while moving towards an energy products and services company,” JSW Energy added.
The second contract has been awarded by Karnataka Renewable Energy Development Limited (KREDL) for setting up a 300-megawatt solar power project at Pavagada Solar Park.
“The company aims to reach 20 gigawatt generation capacity and 40 gigawatt hours of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving carbon neutrality by 2050,” it said in the press release.
Last week, JSW Energy reported an 80% year-on-year jump in its first quarter profit. The company’s net profit stood at ₹521.76 crore, while revenue from operations came in at ₹2,879.46 crore.
Price Action: Shares of JSW Energy were up 1.62% at ₹716.45 on Monday morning.
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