JSW Energy Rallies 3% After Subsidiary Starts Commissioning Of 810 MW Wind Power Project

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The project, according to the filing, has a power purchase agreement with SECI for a period of 25 years. This project was awarded under the SECI tranche IX in Tamil Nadu.

JSW Energy Ltd shares jumped 3 per cent in Tuesday’s trade after a wholly owned step-down subsidiary of the company commissioned 51 MW of wind power capacity under the phase-wise commissioning of the 810 MW ISTS-connected wind power project awarded under SECI Tranche IX.

In a regulatory filing on December 26, JSW Energy said its subsidiary entity had started phase-wise commissioning of the 810 MW ISTS-connected wind power project awarded under the SECI tranche IX in Tamil Nadu with commissioning of the first phase of 51 MW. The project, according to the filing, has a power purchase agreement with SECI for a period of 25 years. Post this, the total current installed capacity has reached 6,822 MW while the under-construction capacity stands at 2,969 MW, which is likely to be commissioned in phases over the next 12 months, the filing said.

Joint Managing Director and CEO Prashant Jain said: “We are happy to announce that we have started commissioning of the SECI-IX wind project which is the first and the largest greenfield wind capacity bagged by the company. With this, JSW Energy is well placed to achieve targeted 10 GW generation capacity by end of CY2024.”

Jain said JSW Energy has set a target to reach 20 GW generation capacity and 40 GWh of energy storage capacity by 2030. With a total capacity of 9.8 GW, JSW Energy said it is well-placed to achieve its near-term target of 10 GW by 2025.

“In addition, JSW Energy has currently locked in 3.4 GWh of energy storage capacity through battery energy storage system and hydro-pumped storage project. JSW Energy has set an ambitious target for 50 per cent reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050,” JSW Energy said.

In Q2FY24, JSW Energy reported an 88 per cent year-on-year increase in consolidated net profit to Rs 856.79 crore. Revenue for the same period rose to Rs 3,387.36 crore in the reporting period from Rs 2,596.27 crore in the previous fiscal. Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased 83 per cent to Rs 2,008.32 crore from Rs 1,098.37 crore a year earlier.