JSW Neo Energy Wins 600 MW Wind-Solar Hybrid Project in Maharashtra
JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has received an award for a 600 MW wind-solar hybrid power project from Maharashtra State Electricity Distribution Company. This includes 400 MW allotted under the green shoe option from MSEDCL-Phase IV.
With this award, JSW Energy’s total locked-in generation capacity has increased to 18.2 GW, which includes 3.8 GW of hybrid capacity. The company aims to have an installed generation capacity of 10 GW by FY25, up from the current 7.5 GW.
JSW Energy also has 4.2 GWh of locked-in energy storage capacity through battery energy storage systems and hydro pumped storage projects. The company targets 20 GW generation capacity and 40 GWh energy storage capacity by 2030, with an ambitious goal of achieving carbon neutrality by 2050.
Following the announcement, JSW Energy’s shares surged by more than 2% to Rs 248.45. JSW Energy is a private sector power producer in India and part of the USD 24 billion JSW Group, which has a significant presence in sectors such as steel, energy, infrastructure, cement, and sports.
Doubts Revealed
JSW Neo Energy -: JSW Neo Energy is a part of JSW Energy, which is a company that makes electricity using different sources like wind and solar.
600 MW -: 600 MW stands for 600 Megawatts, which is a unit to measure how much electricity can be produced. It’s a lot of electricity!
Wind-Solar Hybrid -: Wind-Solar Hybrid means using both wind and solar power together to make electricity. This helps to make more electricity and use natural resources better.
Maharashtra State Electricity Distribution Company -: This is a company in Maharashtra, a state in India, that manages and distributes electricity to homes and businesses.
18.2 GW -: 18.2 GW stands for 18.2 Gigawatts, which is a very large amount of electricity. It shows how much electricity JSW Energy can produce in total.
20 GW generation capacity -: This means JSW Energy wants to be able to produce 20 Gigawatts of electricity in the future.
40 GWh energy storage capacity -: 40 GWh stands for 40 Gigawatt-hours, which is a way to measure how much electricity can be stored for later use.
Carbon neutrality -: Carbon neutrality means making sure that the amount of carbon dioxide released into the air is balanced by actions that remove it, like planting trees. This helps to protect the environment.
Shares rose by over 2% -: This means the value of JSW Energy’s stock in the stock market went up by more than 2%, which is good news for people who own the stock.
