JSW Energy receives LoA for 200 MW wind-solar hybrid power project; stock trades higher

JSW Solar announced on Tuesday that the company’s wholly-owned subsidiary, JSW Neo Energy has received a Letter of Award from the Maharashtra State Electricity Distribution for a 200 megawatt (MW) wind-solar hybrid power project. Following the announcement, shares of the company were trading by 1.54% at ₹726.55 per share.

The company reported that it won the order by a tariff-based competitive bid. With the addition of the 200 MW wind-solar hybrid project, the company’s total locked-in generation capacity has grown to 17.2 gigawatts (GW). The locked-in generation capacity also includes a hybrid capacity of 2.9 GW.

The company currently has an installed generation capacity of 7.5 GW and expects to increase it to 10 GW by FY25. JSW Energy further added that it has projects of 2.3 GW across wind, thermal, and hydro segments. Additionally, the company has a renewable energy pipeline of 7.3 GW.

JSW Energy has 4.2 GW-hour of locked-in energy storage capacity through battery energy storage systems and hydro-pumped storage projects. By 2030, the company is targeting to reach 20 GW of generation capacity and 40 GWh of energy storage capacity. JSW Energy is aiming to achieve carbon neutrality by 2050.

Last week, the company informed that JSW Neo Energy had received a Letter of Award for a 250 MW wind power project from Adani Electricity Mumbai. In Q1 FY25, JSW Energy reported an 80% year-on-year rise in net profit to ₹522 crore. Meanwhile, the consolidated revenue grew incrementally by 1% YoY to ₹3,043 crore.

The company’s earnings before interest, depreciation, taxes, and amortisation (EBITDA) came in higher by 21% YoY to ₹1,581 crore during the quarter. The company credited higher generation for the growth in EBITDA. Shares of the company have risen by nearly 77% since the beginning of the year. The stock has gained over 109% in the past year