JSW Energy shares gain over 3% to hit 52-week high on subsidiary bagging 700-MW solar project from NTPC
Upstox
2 min read • Updated: April 22, 2024, 8:01 PM
Summary
The company said that it has been awarded the project against bids invited by NTPC for setting up a 1,500 MW ISTS-connected Solar Power Project.
JSW Energy's shares gained more than 3% to hit a fresh 52-week high of ₹650 apiece on Monday, April 22, after its subsidiary JSW Neo Energy Limited, received a 700-MW solar project from state-owned NTPC.
In a filing to the stock exchanges, the company said that JSW Neo Energy Limited has been awarded the project against bids invited by NTPC for setting up a 1500-MW ISTS-connected Solar Power Project. The total locked-in generation capacity of the company will increase to 13.3 GW following this project out of which 3.1 GW will be from solar energy, the company informed the stock exchanges.
JSW Energy is a part of the $23 billion JSW group, which has a significant presence in sectors like steel, cement, energy, sports and infrastructure. JSW Energy is one of the top private-sector power producers in India. Currently, the installed generation capacity of the company stands at 7.2 GW and it expects to increase the same to 9.8 GW by CY24. By 2030, the company aims to achieve 20 GW generation capacity and carbon neutrality by 2050.
Out of its 13.3 GW total locked-in generation capacity, 7.2 GW is presently operational while 2.6 GW is under construction. This 2.6 GW includes wind, thermal as well as hydro and LoA/Lols for 3.4 GW capacity from Solar Tranche XIII and Wind Tranche XVI, SJVN, NTPC, and GUVNL.
Apart from these, the company also has 3.4 GWh of locked-in energy storage capacity. This includes battery energy storage and hydro-pumped storage. JSW Energy aims to achieve 40 GWh of energy storage capacity by 2030.
Shares of JSW Energy closed 2.43% lower at ₹611.45 apiece on the NSE on Monday.