Mumbai: JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has signed its first Power Purchase Agreement (PPA) for a Firm and Dispatchable Renewable Energy (FDRE) project with the Solar Energy Corporation of India (SECI). The 230 MW inter-state transmission system (ISTS)-connected project was awarded under SECI’s FDRE Tranche IV scheme.
The 25-year agreement has been signed at a tariff of ₹4.98 per kilowatt-hour, JSW Energy said in a statement issued Friday. This marks a significant milestone for the company as it diversifies into FDRE, which combines renewable generation with storage or other balancing mechanisms to ensure on-demand, reliable power.
With this deal, JSW Energy’s under-construction capacity has risen to 12.9 GW, taking its total locked-in generation capacity to 30.2 GW. The company said it remains on track to meet its long-term target of 30 GW of installed capacity and 40 GWh of energy storage by 2030.
Commenting on the development, Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said: “This milestone underscores JSW Energy’s commitment to provide advanced and tailored energy solutions that address the dynamic requirements of our offtakers. With this project, we are strengthening our energy products and services offering while supporting the country’s energy transition goals.”
JSW Energy’s move into FDRE aligns with India’s broader efforts to ensure grid reliability while integrating higher shares of renewables. Under the FDRE model, developers are expected to supply firm power using a mix of solar, wind, and energy storage or other balancing technologies.