JSW Neo Energy has secured a LoA from SECI under the SIGHT scheme to set up a 6.5 KTPA green hydrogen production facility. The facility is to be commissioned within 36 months from the date of LoA.
Feb 3, 2024
JSW Neo Energy Limited, a wholly-owned subsidiary of the Company, has received the Letter of Award for setting up of 6.5 KTPA green hydrogen production facility in the auction conducted by Solar Energy Corporation of India Limited (SECI) under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme. According to the LoA, the capacity is to be commissioned within 36 months from the date of the LoA. This will entail an incentive for three years from commissioning to the tune of INR 67.6 crore.
This underlines JSW’s commitment towards its sustainability goals contributing to India’s net-zero ambitions. The win strengthens JSW’s position as a pioneer and provides an early-mover advantage in the green hydrogen space. The company has set a target to reach 20 GW of generation capacity and 40 GWh of energy storage capacity by 2030. With a total capacity of 9.8 GW (including under-construction), the company is well-placed to achieve its near-term target of 10 GW by 2025. In addition, the company has currently locked in 3.4 GWh of energy storage capacity through a battery energy storage system and hydro-pumped storage project. JSW Energy has set an ambitious target for a 50 percent reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050
