JSW Energy said that its wholly owned subsidiary, JSW Neo Energy has received letter of award (LoA) for setting up 250 MW grid-connected wind power project from Adani Electricity Mumbai.
Adani Electricity Mumbai had invited tariff-based competitive Bids for setting up grid-connected wind power project.
Following this capacity award, the companys total locked-in generation capacity has increased to 17.0 GW. This includes a total locked-in wind capacity of 4.7 GW, with the current installed wind capacity standing at 2.0 GW. The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently.
This project enhances the companys energy solution offerings and supports its transition towards becoming an energy products and services company, JSW Energy said in a statement.
JSW Energy also has total locked-in generation capacity of 17.0 GW comprising of 7.5 GW operational, 2.3 GW under-construction across wind, thermal and hydro and RE pipeline of 7.1 GW (PPAs signed for 2.3 GW). The company also has 4.2 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project.
The power generation 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.
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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. Revenue from operations fell by 1.65% year on year (YoY) to Rs 2,879.46 crore in the quarter ended 30 June 2024.
The scrip rose 0.25% to currently trade at Rs 705.25 on the BSE.
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