JSW Energy added 2.51% to Rs 730.15 after the company's subsidiary, JSW Neo Energy has signed power purchase agreements (PPA) with Solar Energy Corporation of India (SECI) and GUVNL for wind and solar projects.
JSW Neo Energy has signed PPAs for wind and solar projects with a cumulative capacity of 1,325 MW comprising of 1,025 MW with Solar Energy Corporation of India and 300 MW with Gujarat Urja Vikas Nigam. The total locked-in capacity of the company stands at 13.6 GWThe 1,025 MW wind project from has a blended tariff of Rs 3.62/KWh for supply of power for a period of 25 years. The projects are located in Gujarat (JSW Renew Energy Eight) and Karnataka (JSW Renew Energy Four). The projects are expected to be commissioned within 24 months. This will take the total locked-in wind capacity to 4.8 GW.
The company has also signed PPA for 300 MW grid-connected solar capacity with GUVNL awarded under Gujarat State Electricity Corporations RE Park at Khavda. The PPA is signed for supply of power for a period of 25 years. The project is located in Gujarat (JSW Renew Energy Ten). The project is expected to be commissioned within 21 months. This will take the total locked-in solar capacity to 3.3 GW.
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 on 3.21% rise in revenue from operations to Rs 2,755.87 crore in Q4 FY24 over Q4 FY23.
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