JSW Energy rises after subsidiary bags LoA for hybrid power project from MSEDCL

JSW Energy rose 1.60% to Rs 726.85 after the company's wholly owned subsidiary JSW Neo Energy has received letter of award (LoA) for setting up a wind-solar hybrid power project from Maharashtra State Electricity Distribution Company (MSEDCL).

The 200 MW project was awarded to JSW Neo post a tariff based competitive bidding process.

"This project enhances the companys energy solution offerings and supports its transition towards becoming an energy products and services company, Mumbai-based JSW Energy said in a statement.

As a result of this capacity award, the companys total locked-in generation capacity has increased to 17.2 GW, which includes a total locked-in Hybrid capacity of 2.9 GW (including FDRE). The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently.

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. Revenue from operations fell by 1.65% year on year (YoY) to Rs 2,879.46 crore in the quarter ended 30 June 2024.

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