Shares of this power-generating company jumped around 2 percent in Thursday’s trading session after receiving an order from SECI for a 700 MW project. The shares have delivered more than 80 percent returns to its shareholders in one year.
With a market capitalization of Rs. 76,889 crores, the shares of JSW Energy Ltd started Thursday’s trading session on a lower note at Rs. 460 compared to its previous close of Rs. 461.05. During the trading session, the shares hit a high of Rs. 474.35, gaining around 2 percent and are currently trading at Rs. 466 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that the wholly owned subsidiary of the company, JSW Neo Energy Limited, had received a Letter of Award (LoA) for ISTS-connected solar capacity of 700 MW from Solar Energy Corporation of India Limited (SECI), for setting up of 1,500 MW Solar Power Projects.
With this contract, the company’s total locked-in capacity increases to 11.7 GW comprising 1.2 GW of solar capacity and the current installed generation capacity stands at 7.2 GW, with expectations to increase to 9.8 GW by CY24.
Additionally, the company possesses a total locked-in generation capacity of 11.7 GW, which includes 7.2 GW in operation, 2.6 GW under construction in wind, thermal, and hydro sectors, and Letters of Assurance (LoAs) for an additional 1.9 GW capacity from SECI and SJVN.
Furthermore, JSW Energy has 3.4 GWh of locked-in energy storage capacity through battery energy storage systems and a hydro-pumped storage project and aims to achieve a generation capacity of 20 GW and an energy storage capacity of 40 GWh before 2030.
Moreover, the company has set ambitious goals, including a 50 percent reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050.
Earlier, a step-down subsidiary of JSW Energy had signed a Battery Energy Storage Purchase Agreement (BESPA) with Solar Energy Corporation of India Limited The agreement was signed for the first project of a 250 MW /500 MWh Standalone Battery Energy Storage System out of the total awarded project capacity of 500 MW / 1,000 MWh.
Coming onto the company’s financial statements, the revenue decreased by 23 percent from Rs. 3,259 crores during the September quarter to Rs. 2,543 crores in the December quarter. In addition, the net profits declined by 73 percent from Rs. 857 crores to Rs. 232 crores during the same period.
Headquartered in Maharashtra, JSW Energy was incorporated in 1994. It is the holding company for the JSW group’s power business. JSW Energy and its subsidiaries are primarily engaged in the business of generation of power from its power assets located in Karnataka, Maharashtra, Nandyal and Salboni. It is the holding company for the JSW group’s power business.
Written By Vaibhav Patil
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