JSW Energy gains after arm bags 600 MW hybrid power project from MSEDCL

JSW Energy rose 1.07% to Rs 739.05 after the company's wholly owned subsidiary, JSW Neo Energy received a letter of award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) for setting up 600 MW Wind-Solar Hybrid Power Project.

The company will set up 600 MW of Wind-Solar Hybrid Power Project including 400 MW allotted under green shoe option

As a result of this capacity award, the companys total locked-in generation capacity has increased to 18.2 GW, which includes a total locked-in hybrid capacity of 3.8 GW (including FDRE). The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently.

This project enhances the companys energy solution offerings and supports its transition towards becoming an energy products and services company.

JSW Energy has total locked-in generation capacity of 18.2 GW comprising of 7.5 GW operational, 2.3 GW under-construction across wind, thermal and hydro and RE pipeline of 8.3 GW (PPAs signed for 2.3 GW). The company also has 4.2 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project.

The power generation company aims to reach 20 GW generation capacities and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving carbon neutrality by 2050.

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 power generation companys consolidated net profit jumped 79.99% to Rs 521.76 crore in Q1 FY25 as compared with Rs 289.88 crore recorded in Q1 FY24. However, revenue from operations fell by 1.65% YoY to Rs 2,879.46 crore June 2024 quarter.

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