JSW Energy gains on securing 192 MW hybrid power project from Gujarat Urja Vikas Nigam

In a filing to the stock Exchange on July 29, the company said that its wholly-owned subsidiary, JSW Neo Energy Limited, has received a Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for establishing a 192 MW Grid-connected Hybrid Power Project.

Additionally, there is a green shoe option for an extra 96 MW capacity. The project was awarded after tariff-based competitive bidding for 500 MW Grid-connected Hybrid Power Projects (Phase II), including an additional 500 MW capacity option, the company informed the stock exchanges.

With the latest order, the company's total secured generation capacity has increased to 16.2 GW, which includes 2.1 GW of hybrid power projects. The company aims to achieve an installed generation capacity of 10 GW by FY25, a significant increase from the current 7.5 GW.

The company also said that this new project further strengthens its energy solution offerings while advancing its transition to an energy products and services company.

JSW Energy has a total secured generation capacity of 16.2 GW, which includes 7.5 GW currently operational, 2.3 GW under construction, and a renewable energy (RE) pipeline of 6.3 GW (with 2.0 GW of this secured through Power Purchase Agreements).

Additionally, the company has 4.2 GWh of locked-in energy storage capacity from battery storage and hydro-pumped storage projects.

The company aims to expand its generation capacity to 20 GW and its energy storage capacity to 40 GWh by 2030. The JSW Group has also set an ambitious goal of achieving carbon neutrality by 2050.

On July 19, the company informed the stock exchanges that its net generation increased by 18% year-on-year (YoY) to 7.9 billion units (BUs). This growth is attributed to higher hydro generation, new wind capacity and increased thermal generation.

JSW Energy shares closed 0.3% lower at ₹691.5 apiece on the NSE.