JSW Energy commences operations at Vijayanagar-based solar project

JSW Energy said that its subsidiary JSW Renewable Energy (Vijayanagar) has commenced operations at the 225 megawatt (MW) solar plant at Vijayanagar, Karnataka.

The project is part of the earlier announced 958 MW solar and wind projects signed (25 year PPA) with JSW Steel under the group captive scheme.

Apart from this, the company is also constructing 2.25 gigawatt (GW) of greenfield renewable energy capacity in pursuit of reaching 10 GW capacity by FY25, and 20 GW capacity by FY30, entirely driven by renewables.

Prashant Jain, joint MD and CEO of JSW Energy, said: "Commencement of operations at the 225 MW of solar plant within the scheduled timelines is a key landmark for the company and testament to its world-class project execution capabilities.

In the coming months, we remain upbeat to commence operations of our under-construction pipeline of 2 GW wind projects, in phases."

JSW Energy has set a target for a 50% reduction in its carbon footprint by 2030 and achieving carbon neutrality by 2050 by transitioning towards renewable energy. The company has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85% of total.

Around 2.25 GW of renewable energy projects are currently under-construction, Wind projects of 1.26 GW tied with SECI, are expected to be commissioned in the next 12 months.

With the commissioning of these projects, the company's total generation capacity will increase to approximately 7 GW, with renewable energy share amounting to about 55%.

The company is evaluating opportunities for expansion into emerging energy businesses of hydro pumped storage, battery energy storage, green hydrogen and energy products & services.

JSW Energy is one of the leading private sector power producers in India and part of the $13 billion JSW Group. JSW Energy has established its presence across the value chains of power sector with diversified assets power generation, and transmission.

The company's consolidated net profit surged 162.23% to Rs 323.93 crore on 17.69% increase in net sales to Rs 1,893.54 crore in Q3 December 2021 over Q3 December 2020.

The scrip fell 2.49% to currently trade at Rs 330.60 on the BSE.

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