JSW Energy said that it has signed a contract with GE Renewable Energy for supply of 810 MW of onshore wind turbines for the company's under construction pipeline of approximately 2.5 GW of renewable projects in India.
The supply of the turbines will start by the second quarter of CY2022. These turbines will produce enough green energy to meet the annual electricity requirements of more than 2.1 million households in the country.
GE Renewable Energy, a division of General Electric, focuses on production of energy from renewable sources. Its portfolio of products includes wind (onshore and offshore), hydroelectric and solar (concentrated and photovoltaic) power generating solutions.
Prashant Jain, joint managing director and CEO of JSW Energy, said: We are proud to partner with GE, a high-tech industrial company, to contribute to India's renewable energy goals. Our company has set a target to reach 20 GW of power generation capacity by 2030, by when the share of renewables in our entire portfolio will become 85%.
The projects being implemented in Tamil Nadu is our first large scale wind power project. We look forward to working with GE to achieve our energy transition and growth targets.
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Around 2.5 GW renewable projects of the company are currently under-construction - approximately 2.2 GW of wind and solar projects, tied with SECI and JSW Steel, are expected be commissioned in the next 18-24 months, while the 240 MW Kutehr hydro project is expected to be commissioned in the next 36-40 months.
With the commissioning of these projects, the company's total generation capacity will increase to approximately 7 GW, with renewable energy contributing more than 50%.
JSW Energy is engaged in the business of power generation and transmission primarily in the states of Karnataka, Maharashtra, Rajasthan, and Himachal Pradesh. The company has its presence across power sectors including generation, power transmission, mining, power plant equipment manufacturing and power trading. It has a 4,559MW generation capacity, out of which 3,158MW is thermal power, 1,391MW is hydropower and 10 MW is solar power.
The company's consolidated net profit declined 5.7% to Rs 201.10 crore on a 4.3% fall in net sales to Rs 1,727.54 crore in Q1 FY22 over Q1 FY21.
The scrip shed 0.52% to end at Rs 379.20 on the BSE yesterday.
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