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JSW Energy arm inks 25 years power purchase agreement, stock rise over 2% intraday; check details
2 min read | Updated on October 17, 2024, 16:35 IST
SUMMARY
JSW Energy shares closed flat at ₹678.90, having earlier risen by 2.06% after reaching an intraday high of ₹703.5 in early trading on Thursday, October 17. This increase follows a series of project announcements in October, including one made on the same day. The company announced it has signed a Power Purchase Agreement for a 192 MW hybrid energy project in Gujarat.
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The stock pared its morning gains to close at ₹678.90, down 1.51% on the NSE amid a sell-off in the broader markets
Following the announcement, the company’s shares were trading at an intraday high of ₹703.50, a rise of 2.06% (+₹14.2) in the morning session on the NSE. The company’s step-down subsidiary, JSW Renew Energy Seventeen Ltd. has secured a PPA for a “STU (State Transmission Utility)-connected 192 MW Wind-Solar Hybrid capacity” project with Gujarat Urja Vikas Nigam Ltd. This would mark JSW Energy's first PPA for a wind-solar hybrid capacity project.
The stock pared its morning gains to close at ₹678.90, down 1.51% on the NSE amid a sell-off in the broader markets.
The company revealed in the regulatory filing that the PPA has been signed for the supply of hybrid energy, including solar and wind energy, for a span of 25 years at a tariff of ₹3.27 per kWh, covering an energy supply of 192 MW.
“The company currently has a project pipeline capacity of 8.3 GW with PPA signed for 3.2 GW,” the press release said.
The company said the project, which will be connected to the State Transmission Utility (STU) in Gujarat, is expected to be commissioned within 24 months.
Further, on Monday, October 14, in a regulatory filing, the company revealed that it had secured a PPA for a 700 MW solar capacity project with NTPC Limited.
“The PPA is signed for the supply of power for a period of 25 years with a tariff of ₹2.59/KWh.The aforesaid project is expected to be commissioned by June 2026. The current solar pipeline capacity stands at 3.2 GW with PPAs signed for 2.0 GW,” the press release dated October 14th said.
Additionally, on Friday, October 11, the company revealed that it had signed an agreement with the “Energy Storage Facility Agreement with Maharashtra State Electricity Distribution Company Ltd for procurement of 1,500 MW or 12,000 MWh of pumped hydro energy storage.”
The company said that its long-term goals include reaching 20 GW of generation capacity and 40GWh of energy storage capacity before 2030 and achieving carbon neutrality by 2050.
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