JSW Neo Energy Ltd. announced on Tuesday that it had secured a 600 megawatts wind-solar hybrid power project from Maharashtra State Electricity Distribution Co. Ltd.
In a statement to the Bombay Stock Exchange, the company said the project includes 400 MW allotted by MSEDCL under the green shoe option for its Phase IV initiative.
A green shoe option is a provision allowing the issuer to offer additional capacity beyond the initially planned amount if there is high demand.
“As a result of this capacity award, the company’s total locked-in generation capacity has increased to 18.2 GW, which includes a total locked-in hybrid capacity of 3.8 GW,” said JNEL in the statement.
The company further said that this project enhances its energy solution offerings and supports its transition toward becoming an energy products and services company.
JSEL expects an installed generation capacity of 10 GW by FY25, up from 7.5 GW now.
The JSW Energy subsidiary also has 4.2 GWh of locked-in energy storage capacity through battery energy storage systems and hydro-pumped storage projects.
The parent company aims to reach 20 GW of generation capacity and 40 GWh of energy storage capacity before 2030. It has also set an ambitious target of achieving carbon neutrality by 2050.
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