On Thursday, JSW Energy said that its subsidiary JSW Renew Energy Five has acquired two battery energy storage system projects totalling 500 MW/1,000 MW from the Solar Energy Corporation of India (SECI).

The company will charge a fixed capacity fee of Rs 10.8 lakh per megawatt per month for twelve years, the company statement said.

The company explained that the 500 MW/1,000 MW energy storage system means that 500 MW of battery energy can provide two hours of power backup for a total output of 1,000 MW.

JSW Energy said SECI’s obligation should be limited to 60% of the project’s capacity/energy, with the remaining 40% to be managed by the company.

JSW Renew Energy Five Ltd, a 100% subsidiary of JSW Energy, has received a Letter of Acceptance (LoA) for a total of 500 MW/1,000 MW of stand-alone battery energy storage systems (two projects of 250 MW/500 MW each) from SECI, it said.

The company has set a target of 20 GW of capacity by 2030 and a near-term target of 10 GW by 2025.

With approximately 1.7 GW of renewable energy projects currently in operation and 2.63 GW under construction/under construction, the company has a totally renewable energy locked-in capacity of 6.0 GW through the acquisition of 1.75 GW of Mytrah Energy’s renewable energy assets watt.