JSW Energy gains 2% after subsidiary signs pact with BESCOM

JSW Energy, in a filing to the stock exchanges on Friday, announced that its wholly-owned stepdown subsidiary, JSW Renew Energy Twenty Limited, has signed a Power Purchase Agreement (PPA) with BESCOM for a solar capacity of 300 MW, which has been awarded by the Karnataka Renewable Energy Development Limited.

The agreement has been signed to supply power until FY 2044 with a tariff of ₹2.89/KWh, JSW Energy informed the bourses. The project, located in Pavagada Solar Park in Karnataka, is expected to be commissioned in the next 18 months, it added. Currently, JSW Renew Energy Twenty has a solar pipeline capacity of 3.2 GW, with PPAs signed for 1.3 GW.

JSW Energy, in a separate filing, said that its wholly-owned subsidiary JSW Neo Energy had received a letter of award (LoA) from NTPC Limited to set up a 300 MW ISTS-connected wind-solar hybrid power project.

With this capacity award from the public sector undertaking (PSU), JSW Neo’s total locked-in generation capacity has increased to 16.7 GW, which includes a total locked-in hybrid capacity of 2.6 GW, the company informed the stock exchanges in a press release.

JSW Energy has an overall locked-in generation capacity of 16.7 GW. This includes 7.5 GW Operational capacity, 2.3 GW under-construction capacity across wind, thermal and hydro, as well as a renewable energy pipeline of 6.9 GW (PPAs signed for 2.3 GW). The battery energy storage system and hydro pumped storage project of the company further adds 4.2 GWh of locked-in energy storage capacity. JSW Energy said that it has a goal to clock 20 GW generation capacity and 40 GWh of energy storage capacity before 2030.

Shares of JSW Energy were trading at ₹716.7 apiece, up by 0.84%, on the NSE at 10 am.