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JSW Energy has emerged the winning bidder for setting up 450-MW wind power capacity at an auction held by Solar Electric Corporation of India (SECI) on Monday evening.
JSW Energy quoted ₹2.78 a kwh for the capacity, sources said. SECI conducted auctions for 1.2 GW of wind power generation capacity.
Besides JSW Energy, Adani Renewable and Ayana Renewable have also bagged 300 MW of wind power project at ₹2.77 a unit while Evergreen Power has bagged 150 MW at ₹2.78 a unit, sources said.
Last August, JSW Energy had won SECI contract to set up 970 MW of wind power generation by bidding at ₹3 per unit.
Power generation
JSW Energy currently has a power generation capacity of 4,559 MW comprising 3,158 MW thermal, 1,391 MW hydel and 10 MW of solar power plants. The company aims to reach 10,000 MW capacity in the next three-five years, which will be achieved mainly through renewables addition.
The company has taken a conscious decision to invest in thermal power projects and sold off 18 MW thermal power plant to its group company JSW Cement at Salboni for ₹96 crore.
JSW Energy plans to build renewable capacity of about 1.1 GW to meet JSW Group’s renewable purchase obligations. It is expecting to tie-up another 225-250 MW of solar capacity soon. Further, it is also constructing a 240 MW greenfield hydro project at Kutehr (Himachal Pradesh) and has already secured a sanction for the project finance loan from a leading bank.
The company plans to invest about ₹9,500-11,000 crore in setting up 1,800 MW of capacity in next two years, said Prashant Jain, Joint Managing Director, JSW Energy, in a recent interview with BusinessLine .
“We are at the end of a prolonged de-leveraging cycle and going forward we will start leveraging to pursue growth plans in the renewable segment. The incremental cash flows from the current portfolio will ensure a robust leverage ratio and gearing going forward,” he added.
India has set a target of achieving a 450 GW renewable energy capacity by 2030. It currently has an installed renewable energy capacity of 89.63GW, with 49.59GW capacity under execution.
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