JSW Renewable Energy, a subsidiary of JSW Neo Energy Limited and a step-down subsidiary of JSW Energy, has expanded its renewable energy portfolio with the ₹1.32 billion (~$ $15.8 million) acquisition of the 45 MW Vashpet wind project from Reliance Power.

The company said this transaction has been executed as a going concern on a slump sale basis. The project is located in the Jath region of Sangli District, Maharashtra.

JSW Energy’s acquisition of the wind project aligns with its renewable energy expansion plans. With a target of achieving 20 GW capacity before FY 2030 and carbon neutrality by FY 2050, this transaction will help the company advance its renewables-led growth strategy.

The transaction is subject to obtaining approvals, including a No Objection Certificate (NOC) from the Maharashtra Energy Development Agency, an NOC from existing lenders of Reliance Power, and an NOC from the power off-taker.

The company has initiated the commissioning process for its largest standalone wind project, boasting a capacity of 810 MW. The first phase of 51 MW has already received its commercial operation date.

JSW Energy’s renewable portfolio presently stands at a combined capacity of 5,934 MW. Among these assets, 3,681 MW are operational, encompassing hydropower (1,391 MW), wind (1,615 MW), and solar (675 MW). Furthermore, there are 2,253 MW of assets currently under construction.

The company possesses a total storage capacity of 3.4 GWh, with the Battery Energy Storage System constituting 29% and the Pumped Hydro Storage System constituting 71% of this capacity.

Recently, JSW Neo Energy emerged as one of the winners in NTPC’s auction to set up 1,500 MW of interstate transmission system-connected solar power projects (Tranche II) across India.

The company reported a net profit of ₹2.32 billion (~$27.9 million), a jump of 29% year-over-year in the third quarter of the financial year (FY) 2023-24, helped by a strong performance in the renewables segment and lower fuel costs.