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JSW Energy saw a surge in its stock price, reaching a 52-week high of Rs 745 on June 24th following the company's acquisition of a significant project. The firm's subsidiary, JSW Neo Energy, clinched a Letter of Award from Solar Energy Corporation of India Limited (SECI) for a 300 MW ISTS-connected wind-solar hybrid power project. This project is part of SECI's competitive bid to set up 1,200 MW in Tranche VIII of ISTS-connected wind-solar hybrid power projects.
In addition to expanding its energy solutions portfolio, JSW Energy aims to transform into an energy products and services company with this new venture. The completion of this project will increase the company’s locked-in capacity to 13.6 GW, up from the current 7.3 GW operational capacity. By the end of 2024, JSW Energy targets an installed capacity of 9.8 GW.
Presently, JSW Energy boasts a total locked-in generation capacity of 13.6 GW, including 2.6 GW under construction across wind, thermal, and hydro sectors, and a pipeline of 3.7 GW. The company is also developing a significant locked-in energy storage capacity of 3.4 GWh through battery energy storage systems and hydro-pumped storage projects.
Looking ahead, JSW Energy has ambitious plans to scale up to 20 GW in generation capacity and 40 GWh in energy storage capacity by 2030. As of 2:43 pm on June 24th, JSW Energy’s shares were trading 2.91% higher at Rs 744.70 on the NSE, reflecting investor optimism following the announcement of this strategic development.
News by Rahul Yelligetti
