JSW Renewable Technologies Ltd signs licensing agreement to Manufacture Wind Turbine Generators

JSW Renewable Technologies Limited, a wholly owned subsidiary of JSW Neo Energy Limited (or "JSW Neo") and step-down subsidiary of JSW Energy Limited (or "The Company"), has entered into a technology licensing agreement with SANY Renewable Energy for the manufacturing of 3.X MW WTGs in India for captive usage by the Company.

The Company currently has a total wind capacity of 3.6 GW, including 2.0 GW of projects under construction. The strategic intent to venture into WTG manufacturing is to ensure a reliable and assured supply of WTGs for our captive usage, along with a significant saving on the overall project cost.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said: "We are excited about collaborating with Sany given its deep expertise in wind energy solutions. This strategic collaboration would ensure a reliable supply of WTGs for us and would enhance our capability of building large-scale power plants within the scheduled time and budget. At JSW Energy, we will continue to contribute meaningfully to achieving India's renewable and net-zero ambitions."

Li Qiang - General Manager at SANY Renewable Energy, said: "Sany is very excited about providing state-of-the-art WTG technology to JSW Energy. This partnership between JSW and Sany would help India's wind industry with highly efficient and reliable WTG's based on Sany's proven technology. Sany has globally installed more than 20 GW of wind capacity."

JSW Energy aims to reach 20 GW of generation capacity and 40 GWh of energy storage capacity before 2030. The company has set an ambitious target for a 50% reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050. Currently, the company has a total locked-in generation capacity of 11.0 GW, comprising 7.2 GW operational, 2.6 GW under construction across wind, thermal, and hydro, and 1.2 GW of pipeline capacity where LoAs are signed. In addition, the company has a total of 3.4 GWh of locked-in energy storage capacity by means of a battery energy storage system and a hydro pump storage project. The company expects to have 9.8 GW of operational generation capacity by CY2024, up from its current operational capacity of 7.2 GW.

SANY Renewable Energy Co. Ltd. was founded in 2008 and is committed to becoming the global leader in the field of clean energy equipment supply and services. The main business of SANY Renewable Energy includes the R&D, manufacturing, and sales of wind turbines, wind farm designing, construction, operation, and management. It was officially listed and traded on the STAR Market of the Shanghai Stock Exchange on June 22, 2022 (stock name: SANY Renewable Energy; stock code: 688349). SANY Renewable Energy has been ranked among the top 10 global wind power manufacturers.

Shares of JSW Energy Limited was last trading in BSE at Rs. 515.10 as compared to the previous close of Rs. 511.95. The total number of shares traded during the day was 64123 in over 1827 trades.

The stock hit an intraday high of Rs. 527.00 and intraday low of 510.80. The net turnover during the day was Rs. 33057399.00.

Source : Equity Bulls

Keywords

JSWEnergy INE121E01018 JSWNeoEnergy JSWRenewableTechnologies TechnologyLicensingAgreement SANYRenewableEnergy WTGs India