JSW Energy shares jump 4% after subsidiary secures order from Solar Energy Corp; check key details

In a filing to the stock Exchange on August 8, JSW Energy informed the stock exchanges that JSW Neo Energy Limited, a wholly-owned subsidiary of the company, has received a letter of award from Solar Energy Corporation of India for the supply of 230 MW ISTS-connected Firm and Dispatchable Renewable Energy.

The project was awarded after the tariff-based competitive bid invited for the supply of 630 MW firm and dispatchable power from ISTS-connected renewable energy projects.

With the latest order, the company’s total locked-in generation capacity has risen to 16.4 GW, including a total locked-in hybrid capacity of 2.3 GW (including FDRE). JSW Energy informed the stock exchanges that the company aims to have an installed generation capacity of 10 GW by FY25, up from the current 7.5 GW.

The company also said that this new project enhances the company’s energy solution offerings and advances its transition towards becoming an energy products and services company.

JSW Energy has a total locked-in generation capacity of 16.4 GW, which includes 7.5 GW operational and 2.3 GW under construction projects across the wind, thermal, and hydropower segments. The company has a renewable energy pipeline of 6.6 GW (with PPAs signed for 2.0 GW).

Additionally, the company has 4.2 GWh of locked-in energy storage capacity through battery energy storage systems and hydro-pumped storage projects. The JSW Group firm aims to expand its 20 GW generation capacity and its 40 GWh of energy storage capacity by 2030 and has set an ambitious target of achieving carbon neutrality by 2050.

Earlier this week, on Monday, the company said that it has achieved an ‘A’ rating for the environment, social and corporate governance (ESG) in the latest update from Morgan Stanley Capital International (MSCI) ESG rating, which is a leading provider of research and critical decision-support tools for the global investment community.

JSW Energy shares are trading 1.82% higher at ₹702.5 apiece on the NSE at 12:30 pm.