The shares of the leading power companies gained up to 2 percent after the company’s subsidiary received a letter of award for 500MW of wind capacity from SECI.
With a market capitalization of Rs 80,054.59 crore, the shares of JSW Energy Ltd were trading at Rs 486.75 per share, decreasing around 2.08 percent as compared to the previous closing price of Rs 497.10 apiece.
According to the company filing, JSW Neo Energy Ltd a wholly-owned subsidiary of JSW Energy Ltd has received a letter of award for a wind capacity of 500 MW from Solar Energy Corporation of India Ltd against Tariff a competitive bid invited for setting up 1,350 MW ISTS-connected wind power projects.
Furthermore, The offer includes a 700 MW greenshoe option over the granted capacity. This might increase the company’s allocated capacity by 525 MW, reaching a maximum of 1,025 MW.
Additionally, the company is looking to have 9.8 GW of installed generation capacity by CY24 up from 7.2 GW currently. The capacity is awarded under SECI Tranche XVI, JSW has increased its total locking-in capacity to 10.3 GW.
Moreover, the company has set a target to reach 20GW generation capacity and 40 GWh of energy storage capacity by 2030. The company has currently 10.3 GW of generation capacity and 3.4 GWh of energy storage capacity.
JSW Energy has aimed for a 50 percent reduction in carbon footprint by 2030 and to achieve carbon neutrality by 2050.
JSW Energy Ltd’s revenue rose by 13 percent, from Rs 2,248 crore in Q3FY23 to Rs 2,543 crore in Q3FY24. During the same period, net profit grew by 24 percent, from Rs 187 crore to Rs 232 crore.
The firm has signed a deal with India’s largest commercial-scale plant to produce Green H2 (capacity: 3,800 TPA). This is for the manufacturing of green steels, and an MoU has been signed with JSW Steel for 85-90 KTPA of green hydrogen and 720 KTPA of green oxygen by 2030.
JSW Energy Limited generates power from both thermal and renewable sources. Its segments are Thermal, which generates power from coal and other thermal sources through owned plants and related ancillary services, and Renewables, which generates power from renewable energy sources such as hydro, wind, and solar, as well as related ancillary services.
Written by:- Abhishek Singh
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