JSW Energy gains after subsidiary signs agreement with SECI

JSW Energy rose 1.36% to Rs 111.85 after the company said its subsidiary has signed a power purchase agreement for 540 MW of blended wind capacity with Solar Energy Corporation of India (SECI).

In September last year, JSW Energy had informed that JSW Future Energy (formerly JSW Solar) (100% subsidiary of JSW Energy) had received letter of awards for total blended wind capacity of 810 MW from Solar Energy Corporation of India (SECI) in respect of the tariff based competitive bid invited by SECI for setting up of 2500 MW ISTS-connected Blended Wind Power Projects (Tranche-IX).

JSW Renew Energy, wholly owned subsidiary of JSW Future Energy, has signed a power purchase agreement with SECI for the contracted capacity of 540 MW out of total awarded capacity of 810 MW. This is the single largest PPA for wind/blended wind category in the industry, and marks the foray of the company into wind/blended wind energy generation segment.

JSW Energy's consolidated net profit declined 64.9% to Rs 142.07 crore on a 17.4% fall in net sales to Rs 1,608.86 in Q3 FY21 over Q3 FY20.

JSW Energy is a full-service power company. It currently generates 4,559 MW, out of which 3158 MW is thermal power, 1391 MW is hydropower and 10 MW solar power. The company is present across several Indian states and have stakes in natural resource companies in South Africa.

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