JSW Energy gains after arm inks pact with SECI for 700 MW solar capacity – EQ
In Short : JSW Energy shares have gained following the announcement that its subsidiary has signed a pact with the Solar Energy Corporation of India (SECI) for a 700 MW solar capacity project. This agreement underscores JSW Energy’s commitment to expanding its renewable energy portfolio. The deal is expected to bolster the company’s position in the renewable sector and contribute to India’s clean energy initiatives.
In Detail : JSW Energy added 1.36% to Rs 678.90 after the company’s step-down subsidiary, JSW Renew Energy Eleven, has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for ISTS connected solar capacity of 700 MW.
The PPA is signed for supply of power for a period of 25 years with a tariff of Rs 2.56/KWh. The project is expected to be commissioned within 24 months.
JSW Energy aims to achieve an operational capacity of 10 GW by FY 2025. Currently, the company operates 7.9 GW of capacity across thermal, hydro, and renewable energy sources.
Additionally, it has secured 16.2 GWh of energy storage capacity through a battery energy storage system and a hydro pumped storage project. Looking ahead, JSW Energy has set ambitious targets to reach 20 GW of generation capacity and 40 GWh of energy storage capacity by 2030. The company is also committed to achieving carbon neutrality by 2050.
JSW Energy is primarily engaged in the business of generation of power with principal places located at Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh) and Salboni (West Bengal).
The power generation companys consolidated net profit jumped 79.99% to Rs 521.76 crore in Q1 FY25 as compared with Rs 289.88 crore recorded in Q1 FY24. However, revenue from operations fell by 1.65% YoY to Rs 2,879.46 crore June 2024 quarter.
