JSW Energy Stock Jumps as Subsidiary Secures New Project

JSW Energy Ltd and its subsidiaries are primarily engaged in the business of generation of power from its power assets located in Karnataka, Maharashtra, Nandyal, and Salboni. It is the holding company for the JSW group’s power business. The company also has a JV company engaged in mining activities and an associate engaged in the manufacturing of turbines. 

JSW Energy reaches new 52-week high

Shares of JSW Energy surged by over 3% to reach a 52-week high during early trade on Monday. This rise followed the company’s announcement that it had secured a wind-solar hybrid power project from the Solar Energy Corporation of India (SECI). Specifically, JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, received a letter of award (LoA) for establishing a 300-megawatt (MW) Inter-State Transmission System (ISTS) connected wind-solar hybrid power project from SECI. This achievement highlights JSW Energy’s expanding footprint in the renewable energy sector and reinforces its commitment to sustainable energy solutions, contributing to India’s green energy goals.

JSW Energy’s locked-in capacity increases to 13.6 GW

With this capacity award, JSW Energy’s total locked-in capacity increases to 13.6 GW. The company expects to have an installed generation capacity of 9.8 GW by the end of CY24, up from the current 7.3 GW, according to its exchange filing. “This hybrid project strengthens our energy solution offerings and propels us towards becoming a comprehensive energy products and services company,” the company stated. The new project underscores JSW Energy’s commitment to expanding its renewable energy portfolio and enhancing its role in providing sustainable energy solutions, further aligning with India’s green energy targets.

Conclusion

JSW Energy’s acquisition of the 300 MW wind-solar hybrid project from SECI boosts its total locked-in capacity to 13.6 GW and expected installed capacity to 9.8 GW by CY24. This move strengthens JSW Energy’s renewable energy offerings and advances its transition towards becoming a comprehensive energy products and services company. The stock of JSW Energy stands at Rs.747.10 a piece.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.