JSW Energy said that its wholly-owned subsidiary, JSW Neo Energy received a letter of award (LoA) from Solar Energy Corporation of India (SECI) for setting up 300 MW ISTS connected wind-solar hybrid power project.
The LoA was received against tariff based competitive bid invited for setting up of 1,200 MW ISTS connected wind solar hybrid power projects (Tranche VIII).Subsequent to this award, the company's total locked in capacity increases to 13.6 GW. The firm expects to have an installed generation capacity of 9.8 GW by CY24, up from 7.3 GW currently. With this hybrid project, the company strengthens its energy solution offerings while moving towards an energy products and services company.
JSW Energy has total locked-in generation capacity of 13.6 GW comprising of 7.3 GW operational, 2.6 GW under construction across wind, thermal and hydro and pipeline of 3.7 GW.
In addition, the firm has 3.4 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project. The 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).
The power generation companys consolidated net profit jumped 29.15% to Rs 351.34 crore in Q4 FY24 as compared with Rs 272.05 crore recorded in Q4 FY23. Revenue from operations grew by 3.21% year on year to Rs 2,755.87crore in Q4 FY24.
The scrip gained 2.26% to end at Rs 722.95 on Friday, 21 June 2024.
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