JSW Energy said that its wholly owned subsidiary JSW Neo Energy has received letter of award (LoA) for setting up 300 MW ISTS-connected Wind-Solar Hybrid Power Project from NTPC.
NTPC had invited tariff-based competitive Bids for setting up 1,000 MW ISTS-connected wind-solar hybrid power projects.
Following this capacity award, the Companys total locked-in generation capacity has risen to 16.7 GW, which includes a total locked-in Hybrid capacity of 2.6 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.
Separately, the Mumbai-based power producer said that JSW Renew Energy Twenty, a wholly owned stepdown subsidiary of JSW Energy, has signed power purchase agreement (PPA) with Bangalore Electricity Supply Company (BESCOM) for solar capacity of 300 MW awarded by Karnataka Renewable Energy Development (KREDL).
The PPA is signed for supply of power until FY 2044 with a tariff of Rs 2.89 per kilowatt-hour (KWh). The aforesaid project is located in Pavagada Solar Park, Karnataka and is expected to be commissioned in next 18 months.
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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 0.40% to currently trade at Rs 716.55 on the BSE.
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