JSW Energy arm gets contract for 250 MW wind power project; stock gains 2%

JSW Energy stock gains: Shares of JSW Energy rallied as much as 1.65 per cent to hit an intraday high of Rs 715.15 per share on Monday, August 26, 2024. 

The surge in the JSW Energy share price came after the company announced that its arm, JSW Neo Energy has bagged a Letter of Award (LoA) for a project from Adani Electricity. 

In an exchange filing, JSW Energy said, “This is to inform you that JSW Neo Energy Limited, a wholly-owned subsidiary of the Company, has received a received a Letter of Award for setting up a 250 MW Grid-connected Wind Power Project from Adani Electricity Mumbai Limited against Tariff based Competitive Bid.”

Consequently, the company’s total locked-in generation capacity has increased to 17.0 GW. This includes a total locked-in wind capacity of 4.7 GW, with the current installed wind capacity standing at 2.0 GW, the company said. 

The company further expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently. 

“This project enhances the company’s energy solution offerings and supports its transition towards becoming an energy products and services company,” JSW Energy said. 

Furthermore, JSW Energy has total locked-in generation capacity of 17.0 GW comprising 7.5 GW operational, 2.3 GW under-construction across wind, thermal and hydro and RE pipeline of 7.1 GW (PPAs signed for 2.3 GW). 

Additionally, it has 4.2 GWh of locked-in energy storage capacity from battery energy storage systems and hydro pumped storage projects. The company targets a generation capacity of 20 GW and 40 GWh of energy storage by 2030, with an ambitious goal of achieving carbon neutrality by 2050.

A leading private sector power producer in India, JSW Energy is part of the $24 billion JSW Group. The company has diversified its assets across power generation and transmission, with a robust track record in operations, corporate governance, and capital allocation. Since beginning commercial operations in 2000 with its first 2x130 MW thermal power plants in Vijayanagar, Karnataka, JSW Energy has grown its capacity from 260 MW to 7,290 MW.

Its portfolio includes 3,508 MW from thermal, 1,716 MW from wind, 1,391 MW from hydel, and 675 MW from solar, ensuring a diverse range of fuel sources and geographic presence.

Currently, JSW Energy is constructing power projects totaling 2.6 GW and is on track to achieve a total capacity of 20 GW by 2030. 

The market capitalisation of JSW Energy is Rs 1,23,340.02 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE200 category. 

At 12:06 PM, shares of JSW Energy were trading 0.72 per cent higher at Rs 708.55 per share. In comparison, BSE Sensex was trading 0.76 per cent higher at 81,705.04 levels.