Shares of this power-generating company jumped up to 1 percent in Wednesday’s trading session after singing Battery Storage Pact With SECI. The shares have delivered more than 80 percent returns to its shareholders in one year.
With a market capitalization of Rs. 82,628 crores, the shares of JSW Energy Ltd started Wednesday’s trading session on a higher note at Rs. 512.70 compared to its previous close of Rs. 509.50. During the trading session, the shares hit a high of Rs. 516.40, gaining around 1 percent and are currently trading at Rs. 503 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that a wholly-owned subsidiary of JSW Neo Energy Limited and a step-down subsidiary of the company 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.
The company will be entitled to receive a fixed capacity charge of Rs. 10.84 lakhs per MW per month for twelve years for 60 percent of the total capacity amounting to 150MW /300 MWh.
The remaining utilisation of 40 percent of the project capacity i.e. 100MW / 200MWh is to be managed by the company and the project is required to supply power of the contracted capacity within 18 months.
Moreover, JSW Energy has a total locked-in generation capacity of 11.0 GW comprising 7.2 GW operational, 2.6 GW under construction across wind, thermal and hydro and LoAs for 1.2 GW.
After this, the company has signed PPA for 500 MWh out of the total 3.4 GWh of locked-in energy storage capacity by means of a battery energy storage system and hydro-pumped storage project and the company expects to have 9.8 GW of operational generation capacity by CY2024, up from the current operational capacity of 7.2 GW.
Furthermore, the company aims to reach 20 GW of generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target for a 50 percent reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050.
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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