JSW Energy shares gains after subsidiary bags order from SJVN

JSW Energy Limited shares traded 2 percent higher on February 27 morning after the company said its wholly owned subsidiary, JSW Neo Energy Limited, received an order for ISTS-connected solar capacity of 700 MW from SJVN.

The project is required to supply power of full contracted capacity within 24 months, the company said in a regulatory filing. Following the award of 700 MW capacity from SJVN Ltd, the company’s total locked-in capacity increases to 11 GW comprising 1.4 GW of solar capacity.

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JSW Energy possesses a total locked-in generation capacity of 11.0 GW, which includes 7.2 GW that is already operational, 2.6 GW under construction (across wind, thermal, and hydro), and letter of approvals (LoAs) for an additional 1.2 GW capacity from SECI (Tranche – XVI) and SJVN.

The company has 3.4 GWh of locked-in energy storage capacity through a combination of battery energy storage systems and a hydro-pumped storage project.

In the December quarter, the JSW Group company reported a 24.36 percent year-on-year increase in consolidated net profit on a robust contribution from its thermal portfolio and merchant sales.

Revenue rose 13.3 percent to Rs 2,661.41 crore.

At 9.45 am, the stock was trading at Rs 528, up 0.8 percent from the previous close. The stock has gained 29 percent since the start of the year.

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