JSW Energy added 1.20% to Rs 632.90 after the company announced that it has initiated the construction activities for its battery energy storage project (BESS) marking its foray into energy storage services.
The company is spearheading the development of the largest commercial-scale green hydrogen project in India and first in the country for making green steel.The power generation firm has achieved significant milestones in the green hydrogen space. These include signing a seven years green hydrogen supply agreement with JSW Steel for 3,800 tons per annum, along with associated green oxygen. The detailed engineering work and ordering of equipment have been completed with commissioning expected in Q4 FY25.
Additionally, the company has been allotted a capacity of 6,800 (tonnes per annum) TPA under the strategic interventions for green hydrogen transition (SIGHT) program by Solar Energy Corporation of India (SECI). Furthermore, a memorandum of understanding (MoU) has been signed with JSW Steel to supply additional 85,000 to 90,000 TPA of green hydrogen, along with 720,000 TPA of green oxygen, progressively by 2030.
In addition to green hydrogen, the company has also commenced the construction of the 1.0 GWh BESS project awarded by Solar Energy Corporation of India (SECI) with commissioning expected by June 2025. The project consists of two installations, each with a 500 MWh storage capacity, designed for two hours of storage in one cycle. The project will be developed under a build own operate and transfer (BOOT) mechanism and will be transferred to the offtaker after 12 years.
Sharad Mahendra, joint managing director and CEO of JSW Energy, said: JSW Energy is making significant strides in becoming an energy products and services company. Our green hydrogen project not only underscores our commitment to reducing carbon emissions but also positions us at the forefront of industrial decarbonisation by leveraging sustainable energy solutions.
We are proud to collaborate with JSW Steel and are confident that it will be transformative for the Indian green hydrogen landscape. Furthermore, our Battery Energy Storage System project represents a crucial advancement in enhancing grid stability and integrating renewable energy sources, further solidifying our leadership in innovative energy solutions.
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.
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