JSW Energy arm bags additional 400 MW hybrid power project; stock gains 2%

JSW Energy shares gain: Shares of JSW Energy gained as much as 1.94 per cent to hit an intraday high of Rs 750.80 apiece on Thursday, August 29, 2024. 

However, at 10:02 AM, shares of JSW Energy were off highs and were trading 0.65 per cent lower at Rs 731.70 per share. In comparison, BSE Sensex was trading 0.24 per cent higher at 81,978.28 levels.

The initial uptick in JSW Energy share price came after the company announced that its wholly-owned subsidiary, JSW Neo Energy, has bagged additional 400 MW of WindSolar Hybrid Power project under a greenshoe option from MSEDCL (MSEDCL – Phase III).

JSW Energy, via an exchange filing said, “We wish to inform you that JSW Neo Energy Limited, a wholly-owned subsidiary of the Company, has received a letter of award for an additional 400 MW of WindSolar Hybrid Power Project under a greenshoe option from MSEDCL (MSEDCL – Phase III). The cumulative capacity allotted under Phase - III stands at 600 MW.

Consequently, the cumulative capacity allotted to JSW Neo under Phase- III stands at 600 MW. 

Following this award, the company’s total locked-in generation capacity has risen to 17.6 GW. This total includes a hybrid capacity of 3.2 GW (including FDRE). The company anticipates increasing its installed generation capacity to 10 GW by FY25, up from the current 7.5 GW. This project not only broadens the company’s energy solution portfolio but also advances its goal of transitioning to an energy products and services company, JSW Energy said.

JSW Energy’s total locked-in generation capacity now stands at 17.6 GW, which includes 7.5 GW operational, 2.3 GW under construction across wind, thermal, and hydro, and a renewable energy (RE) pipeline of 7.7 GW (with PPAs signed for 2.3 GW). 

Additionally, the company also has 4.2 GWh of locked-in energy storage capacity through battery energy storage systems and hydro pumped storage projects. 

JSW Energy is targeting a generation capacity of 20 GW and an energy storage capacity of 40 GWh by 2030. The company has also set an ambitious goal of achieving carbon neutrality by 2050.

Earlier this week, JSW Neo Energy Limited received a letter of award for setting up a 200 MW Wind-Solar Hybrid Power Project from Maharashtra State Electricity Distribution Company Limited (MSEDCL – Phase III).

The market capitalisation of JSW Energy is Rs 1,26,940.42 crore, according to Bombay Stock Exchange (BSE).

The 52-week high of JSW Energy is Rs 752.40 per share while its 52-week low is Rs 347.50 per share.