JSW Energy to acquire 45 MW wind project from Reliance Power; stock gains 2.5%

A Business Transfer Agreement has been signed between the parties and the transaction is subject to other customary approvals standard to a transaction of this size.

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JSW Energy shares gained 2.5 percent in trade on March 26, after the company’s subsidiary announced it would acquire a 45 MW Vashpet wind project from Reliance Power.

JSW Renewable Energy (Coated), a wholly-owned subsidiary of JSW Neo Energy and a step down subsidiary of the JSW Energy, agreed to acquire 45 MW of renewable energy generation capacity from Reliance Power, in Maharashtra. The transaction values the project at Rs 132 crore adjusted for net working capital.

At 12.15 pm, JSW Energy stock gave up its gains to trade mildly in the red at Rs 514.55 apiece, down 0.17 percent.

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A Business Transfer Agreement has been signed between the parties and the transaction is subject to other customary approvals standard to a transaction of this size.

JSW Energy has total locked-in generation capacity of 12.5 GW comprising of 7.2 GW operational, 2.6 GW under-construction across wind, thermal and hydro and LoA/LoIs for 2.7 GW capacity from SECI (Solar Tranche XIII and Wind Tranche XVI), SJVN and GUVNL.

In addition, the company has 3.4 GWh of locked-in energy storage capacity through battery energy storage systems and hydro pumped storage projects. The company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving carbon neutrality by 2050.

JSW Energy reported a 24.36 percent year-on-year increase in consolidated net profit for the third quarter owing to a robust contribution from its thermal portfolio and merchant sales. Revenue rose 13.3 percent on-year to Rs 2,661.41 crore in the quarter from Rs 2,349.79 crore a year earlier.

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