JSW Energy commences operations at 225 MW Vijayanagara solar project

According to the company statement, the project is part of the 958 MW solar and wind projects announced earlier with JSW Steel under the group captive scheme.

“This solar project has commenced operations in a record time of less than 12 months despite several headwinds such as Covid-19 related disruptions, increased commodity prices and disruptions of the global supply chain,” it said.

The company is building 2.25 GW of renewable energy capacity, which is powered entirely by renewable energy, in an effort to reach 10 GW capacity by FY15 and 20 GW by FY30.

Prashant Jain, Joint Managing Director and Chief Executive, JSW Energy said, “Commencing operations at the 225MW solar plant within the stipulated time frame is a significant milestone for the company and a testimony to its world-class project execution capabilities. In the coming months, we are excited to start the operational phases of our under-construction pipeline of 2GW wind projects.

JSW Energy has set an ambitious goal of achieving carbon neutrality by reducing its carbon footprint by 50% by 2030 and transitioning to renewable energy by 2050. It aims to have 20 GW of capacity by 2030, with the share of renewable energy increasing to 85% of the total. About 2.25 GW of renewable energy projects are currently under construction, 1.26 GW of wind projects linked to SECI are expected to be commissioned in the next 12 months.

With the commissioning of these projects, the company’s total generation capacity will increase to 7 GW, with renewable energy accounting for about 55%.

The company is rapidly acquiring resources of over 20GW capacity in various resource-rich states. It is evaluating expansion opportunities in emerging energy businesses of hydroelectric storage, battery energy storage, green hydrogen and energy products and services.

JSW Energy commenced commercial operations in 2000 with the commissioning of its first 2×130 MW thermal power plants in Vijayanagar, Karnataka. Since then, the company has increased its power generation capacity from 260 MW to 4,559 MW, with a portfolio of thermal 3,158 MW, hydel 1,391 MW and solar 10 MW, based on geographic presence, fuel sources and off-take arrangement of power. Diversity is ensured.

The emphasis on renewable energy comes as India is trying to boost its clean energy programme. At the COP-26 summit in Glasgow, Prime Minister Narendra Modi had said that India will achieve net zero carbon emissions by 270.

Shares of JSW Energy closed on BSE 327.50 each, down 3.4% from the previous close.