JSW Neo Energy Ltd receives LoA for 300 MW of Wind capacity from SECI

JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited (or "The Company"), has received Letter of Award (LoA) for a total Wind capacity of 300 MW from Solar Energy Corporation of India Limited (SECI) against Tariff based Competitive Bid invited by SECI for setting up of 1200 MW ISTS-connected Wind Power Projects (Tranche - XII). Subsequently the company's total power generation portfolio increases to 7.3 GW, with renewable energy share amounting to 57%.

The company is currently constructing around 2.0 GW of wind energy projects. Of which projects of 1.26 GW (tied up with SECI) are expected to start commissioning in current quarter in a phased manner.

Prashant Jain, Joint Managing Director and CEO of JSW Energy, said: "We are pleased to have received the award from SECI under its tranche XII auction. This is another step in our renewable led growth strategy and we will continue to contribute meaningfully in achieving India's renewable and net-zero ambitions".

JSW Energy has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy. The Company has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85%. Around 2.2 GW of renewable energy projects are currently under-construction, Wind projects of 1.26 GW tied with SECI, are expected to be fully commissioned in the next 12-15 months. With the commissioning of these projects, the Company's total generation capacity will increase to ~7 GW. Further, this 300 MW project takes the total capacity to 7.3 GW, with renewable energy share amounting to 57%.

JSW Neo Energy limited, a wholly owned subsidiary of JSW Energy Limited, is a vehicle formed as a part of re-organisation of business to own all the renewable / green power generating assets. The company is evaluating opportunities for expansion into emerging energy businesses of hydro pumped storage, battery energy storage, green hydrogen, and energy products & services.

Shares of JSW Energy Limited was last trading in BSE at Rs. 227.75 as compared to the previous close of Rs. 232.95. The total number of shares traded during the day was 111428 in over 3529 trades.

The stock hit an intraday high of Rs. 235.15 and intraday low of 225.00. The net turnover during the day was Rs. 25532540.00.

Source : Equity Bulls

Keywords

JSWEnergy INE121E01018 JSWNeoEnergy LoA WindEnergyProject SECI