JSW Energy arm gets 500 MW project from SECI

JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has received letter of awards (LoA) for an additional 500 megawatt (MW) of wind capacity from Solar Energy Corporation of India (SECI) (Tranche XVI).

In regulatory filing, the company said that its subsidiary has secured LoA foran additional 500 MW of wind capacity under greenshoe option for the SECI wind power projects (Tranche - XVI).

The cumulative capacity allotted to JSW Neo Energy under SECI Tranche XVI stood at 1,000 MW, said the firm.

The companys current installed generation capacity is 7.2 gigawatt (GW), of which 1.6 GW is wind. The company expects to have 9.8 GW of installed capacity by CY24. With this awarded capacity of 500 MW under SECI Tranche XVI, the company's total locked in generation capacity increases to 12.5 GW, of which 4.6 GW will be wind.

JSW Energy has total locked-in generation capacity of 12.5 GW comprising of 7.2 GW operational, 2.6 GW under-constructions across wind, thermal and hydro and LoA and LoIs for 2.7 GW capacity from SECI (solar tranche XIII and wind tranche XVI), SJVN and GUVNL.

In addition, the company has 3.4 gigawatt hours (GWh) of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project. The company aims to reach 20 GW generation capacities and 40 GWh of energy storage capacity before 2030.

JSW Energy is primarily engaged in the business of generation of power with principal places located at Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh) and Salboni (West Bengal).

The company's consolidated net profit tumbled 28.79% to Rs 231.33 crore on 13.10% rise in net sales to Rs 2542.77 crore in Q3 FY23 over Q3 FY22.

Shares of JSW Energy jumped 4.57% to settle at Rs 497.60 on Friday, 15 March 2024.

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