JSW Neo Energy to Build Big Hybrid Power Project in Gujarat
JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has received a Letter of Intent from Gujarat Urja Vikas Nigam Limited to set up a 192 MW grid-connected Hybrid Power Project. This project also includes an additional 96 MW under the green shoe option.
The capacity is awarded against a competitive bid for setting up 500 MW grid-connected hybrid power projects (Phase II), with an option for additional capacity up to 500 MW. With this award, JSW Energy’s total locked-in generation capacity increases to 16.2 GW, including 2.1 GW of hybrid capacity.
JSW Energy aims to have an installed generation capacity of 10 GW by FY25, up from the current 7.5 GW. The company is also working towards achieving a total power generation capacity of 20 GW and 40 GWh of energy storage capacity by 2030. They have set an ambitious target of achieving carbon neutrality by 2050.
At the time of this announcement, the share price of JSW Energy stood at Rs 694.85 on NSE.
Doubts Revealed
JSW Neo Energy -: JSW Neo Energy is a company that makes electricity using different sources like wind and solar. It is part of a bigger company called JSW Energy.
Hybrid Power Project -: A hybrid power project uses more than one type of energy source, like wind and solar, to make electricity.
Gujarat -: Gujarat is a state in India, located on the western side of the country. It is known for its industries and development.
MW -: MW stands for Megawatt, which is a unit to measure power. One Megawatt is equal to one million watts.
GW -: GW stands for Gigawatt, which is a unit to measure power. One Gigawatt is equal to one billion watts.
Carbon Neutrality -: Carbon neutrality means that the company will balance out the amount of carbon dioxide it releases into the air by doing things like planting trees or using clean energy.
NSE -: NSE stands for National Stock Exchange, which is a place where people can buy and sell shares of companies in India.
Share Price -: Share price is the cost of one share of a company. It shows how much people are willing to pay to own a small part of the company.