300 MW PPA signed by JSW Renew Energy Three Limited

JSW Renew Energy Three Limited, a subsidiary of JSW Energy Limited, has signed a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India Limited (SECI) for 300 MW of ISTS-connected wind power projects in Maharashtra. The PPA has been signed for a period of 25 years and the tariff for the supply of power will be Rs 2.94/KWh.

The company has set a target to reach 20 GW capacity by 2030 and a near-term target of 10 GW by 2025, with a total locked-in capacity of 9.9 GW the company is well placed to achieve its targets well ahead of time. In addition, the company has forayed into energy storage space and has currently locked in 3.4 GWh of energy storage capacity by means of a battery energy storage system and hydro-pumped storage project.

JSW Energy was incorporated as Jindal Tractebel Power Company Limited under the Companies Act, 1956 on March 10, 1994, in Mumbai. The name of the company was changed to Jindal Thermal Power Company on January 17, 2002. Subsequently, the name of the company was changed to JSW Energy Limited on December 7, 2005.

The company sells power through a combination of long-term and short-term power purchase arrangements and through power exchanges in India to state-owned utilities, power trading companies and some industrial consumers.

JSW Energy is currently trading at Rs 270.15, up by 10.05 points or 3.86% from its previous closing of Rs 260.10 on the BSE.

The scrip opened at Rs 261.00 and has touched a high and low of Rs 273.00 and Rs 259.65 respectively. So far 45,335 shares were traded on the counter.

The BSE group ‘A’ stock of face value of Rs 10 has touched a 52-week high of Rs 369 and a 52-week low of Rs 182.

The promoters holding in the company stood at 74.66%, while Institutions and Non-Institutions held 15.24% and 10.10% respectively.