JSW Energy trades flat despite winning 500 MW wind power project

JSW Energy trades flat despite winning 500 MW wind power project

The company expects to have 9.8 GW of installed generation capacity by CY24, up from 7.2 GW currently.

JSW Energy

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Shares of JSW Energy erased the opening gains and traded flat on February 13 after the company bagged a wind power project from Solar Energy Corporation of India.

At 9:27am, JSW Energy was quoting Rs 495.75, down Rs 1.35, or 0.27 percent, on the BSE. It touched an intraday high of Rs 507.20 and an intraday low of Rs 493.75.

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JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has received the Letter of Awards (LoA) for a wind capacity of 500 MW from Solar Energy Corporation of India Limited (SECI) against tariff-based competitive bid invited for setting up of 1,350 MW ISTS-connected Wind Power Projects (Tranche – XVI).

As per the construct of the bid, 700 MW of greenshoe option is available over the awarded capacity.

This could further enhance the company’s total awarded capacity by 525 MW to a maximum of 1,025 MW.

The company expects to have 9.8 GW of installed generation capacity by CY24, up from 7.2 GW. Following the capacity award under SECI Tranche XVI, the Company’s total locked-in capacity increases to 10.3 GW.

It has set a target to reach 20 GW generation capacity and 40 GWh of energy storage capacity by 2030. The company has locked in 10.3 GW of generation capacity and 3.4 GWh of energy storage capacity by means of battery energy storage system and hydro pumped storage project.

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Earlier this month, the subsidiary secured capacity allocation of 6.5 KTPA for setting up of green hydrogen production facility in the first-ever auction conducted by SECI under the strategic interventions for green hydrogen transition scheme.

The company had reported a 24.36 percent year-on-year increase in consolidated net profit for the third quarter ended December 2023 at Rs 232.24 crore against Rs 186.74 crore in the corresponding quarter last year.

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