JSW Group stock engaged in generating energy from renewable sources jumped 3 percent following the commissioning of the first phase of the 810 MW wind power project awarded to it from Solar Energy Corporation of India(SECI).
At 11:43 a.m the shares of JSW Energy Limited were trading at Rs. 415.60, up 1.54 percent from its previous day’s close price of Rs. 409.30, and its market capitalization is Rs. 68,312 Crores.
JSW Energy Limited’s step-down subsidiary JSW Renew Energy Limited has started phase-wise commissioning of the 810 MW ISTS-connected Wind Power Project awarded under SECI tranche IX in Tamil Nadu with the commissioning of the first phase of 51 MW. The project has a power purchase agreement with SECI for 25 years.
Following this, the total current installed capacity becomes 6,822 MW while the under-construction capacity stands at 2,969 MW, which is likely to be commissioned in phases over the next 12 months.
Following the commissioning of the project Prashant Jain, Joint Managing Director and CEO of JSW Energy, said We are happy to announce that we have started commissioning of the SECI-IX wind project which is the first and the largest greenfield wind capacity bagged by the Company.
With this, JSW Energy is well-placed to achieve a targeted 10 GW generation capacity by the end of 2024. 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, 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 using 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.
The company’s revenue from operations grew 26.5 percent from Rs. 8,167.15 Crores in FY22 to Rs. 10,331.81 Crores in FY23, accompanied by profits of Rs. 1,728.62 Crores to Rs. 1,477.76 Crores.
JSW Energy Limited is part of the famous Indian conglomerate group the JSW Group, it is engaged in the business of generation, transmission, and trading of power. The company operates in various Indian states including Karnataka, Tamil Nadu, Maharashtra, Gujarat, and many more.
Written by: Bharath K.S
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