JSW Energy arm JSW Neo Energy gets Letter of Award from NTPC for 400 MW solar power project – EQ
In Short : JSW Energy’s subsidiary, JSW Neo Energy, secured a 400 MW solar power project from NTPC Renewable Energy Limited through a Letter of Award. This project strengthens JSW Energy’s focus on renewable energy expansion, aligning with India’s green energy goals. The initiative marks a significant step in boosting clean energy capacity and reducing carbon emissions nationwide.
In Detail : JSW Energy on Friday said its wholly owned subsidiary JSW Neo Energy has received a Letter of Award (LoA) from NTPC Ltd for the development of a 400 MW ISTS-connected Solar Power Project.
“This is to inform you that JSW Neo Energy Limited, a wholly-owned subsidiary of the company, has received a letter of award from NTPC Limited for setting up a 400 MW Solar Power Project against Tariff based Competitive Bid invited for setting up 1,500 MW ISTS-connected Solar Power Projects (NTPC-ISTS-III),” JSW Energy said in a regulatory filing.
This award is part of NTPC’s Tariff-based Competitive Bid for 1,500 MW of ISTS-connected solar projects (NTPC-ISTS-III). With this new addition, JSW Energy’s total locked-in generation capacity has increased to 19.6 GW, of which 4.4 GW is dedicated to solar projects.
JSW Energy aims to achieve 10 GW operational capacity by FY 2025 and currently has 7.7 GW of operational capacity spread across thermal, hydro and RE. The company also has 16.2 GWh of locked-in energy storage capacity through a battery energy storage system and hydro-pumped storage project.
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 2.3% year-on-year (YoY) increase in net profit at ₹876.8 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, JSW Energy posted a net profit of ₹856.8 crore, the company said.
Revenue from operations dipped 0.7% to ₹3,237.7 crore against ₹3,259.4 crore in Q2 of FY24. At the operating level, EBITDA declined 10.4% to ₹1,684.9 crore in the second quarter of this fiscal over ₹1,880.4 crore in the year-ago period.
Shares of JSW Energy Ltd ended at ₹674.25, up by ₹10.10, or 1.52% on the BSE.
