JSW Energy has signed a Battery Energy Storage Purchase Agreement (BESPA) with Solar Energy Corp. of India Ltd. (SECI). The agreement involves the procurement of 250 MW/500 MWh of standalone battery energy storage, marking the first phase of a larger contract awarded by SECI, which encompasses a total of 500 MW/1,000 MWh (consisting of two projects of 250 MW/500 MWh each).
The agreement was formalized by JSW Renew Energy Five, a wholly owned subsidiary of JSW Neo Energy Ltd and a subsidiary of JSW Energy. Under the terms of the agreement, JSW Renew Energy Five will receive a fixed capacity charge of ₹10.84 lakh per MW per month for twelve years for 60% of the total capacity, equivalent to 150 MW/300 MWh. The remaining 40% of the project capacity, amounting to 100 MW/200 MWh, will be managed by the company.
The project is mandated to deliver power of the contracted capacity within 18 months. JSW Energy boasts a locked-in generation capacity of 11 GW, comprising 7.2 GW operational, 2.6 GW under construction across wind, thermal, and hydro, and Letters of Award (LoAs) for 1.2 GW.
With the latest deal sealed with SECI, the company has secured Power Purchase Agreements (PPAs) for 500 MWh out of the total 3.4 GWh of locked-in energy storage capacity from battery energy storage systems and hydro pumped storage projects.
As reported by pv magazine, by the end of 2024, the company aims to increase its operational generation capacity to 9.8 GW from the current 7.2 GW. Its target is to achieve a generation capacity of 20 GW and an energy storage capacity of 40 GWh by 2030. JSW Energy is committed to reducing its carbon footprint by 50% by 2030 and aims to achieve carbon neutrality by 2050.
