JSW Energy informed that its wholly owned subsidiary, JSW Neo Energy received a letter of award (LoA) for an additional 400 MW of wind solar hybrid power project under a greenshoe option.
The project is received from Maharashtra State Electricity Distribution Company (MSEDCL). The cumulative capacity allotted to JSW Neo under Phase- III stands at 600 MW.
As a result of this capacity award, the firms total locked-in generation capacity has increased to 17.6 GW, which includes a total locked-in hybrid capacity of 3.2 GW (including FDRE). 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 has total locked-in generation capacity of 17.6 GW comprising of 7.5 GW operational, 2.3 GW under-construction across wind, thermal and hydro and RE pipeline of 7.7 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.
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).
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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.
The scrip rose 0.62% to currently trade at Rs 741.05 on the BSE.
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