JSW Energy‘s subsidiary has secured a 200 megawatt wind-solar hybrid power project from Maharashtra State Electricity Distribution Company (MSEDCL).

What Happened: JSW Energy’s subsidiary, JSW Neo Energy, has been granted a letter of award by MSEDCL to set up the project, the company said in a press release on Tuesday. This award is a part of MSEDCL’s Phase III tariff-based competitive bid.

The company stated that this project will boost its total locked-in generation capacity to 17.2 gigawatt, which includes a total locked-in hybrid capacity of 2.9 gigawatt. The company is targeting to reach 10 gigawatts of installed generation capacity by FY25, a significant increase from the current 7.5 gigawatts.

See Also: Ultratech Raises ₹4,195 Cr Through Sustainable Financing, Shares Upbeat

JSW Energy has set a lofty goal of achieving carbon neutrality by 2050 and the latest contract aligns with its goals. It also aims to reach a generation capacity of 20 gigawatt-hour and 40 gigawatt-hour of energy storage capacity before 2030.

“This project enhances the company's energy solution offerings and supports its transition towards becoming an energy products and services company,” the company added in the statement.

JSW Energy currently has a total locked-in generation capacity of 17.2 gigawatts, which includes 7.5 gigawatts operational, 2.3 gigawatts under construction across wind, thermal and hydro and a renewable energy pipeline of 7.3 gigawatts. The company also boasts of a 4.2 gigawatt-hour locked-in energy storage capacity through battery energy storage system and hydro pumped storage project.

Price Action: JSW Energy’s shares jumped 1.12% to ₹723.55 on Tuesday.

Read Next: Samsung Rival Lg Follows In Hyundais Footsteps Mulls India Ipo Report