- JSW Neo Energy has received a letter of intent from Gujarat Urja Vikas Nigam Ltd to establish a 192 MW grid-connected hybrid power plant.
- JSW Energy noted that it had a total locked-in generation capacity of 16.2 GW, with 7.5 GW operational and 2.3 GW under development.
JSW Energy has stated that its wholly-owned subsidiary, JSW Neo Energy, has received a letter of intent from Gujarat Urja Vikas Nigam Ltd to establish a 192 MW grid-connected hybrid power plant. The project also featured 96 MW under the green shoe option.
The capacity was awarded in response to a tariff-based competitive offer for the development of 500 MW grid-connected hybrid power projects (Phase II), with a green shoe option for further capacity of up to 500 MW.
Following the capacity award, the firm’s total locked-in generation capacity increased to 16.2 GW, which includes 2.1 GW of hybrid capacity. The corporation plans to construct 10 GW of generation capacity by FY25, up from 7.5 GW.
JSW Energy noted that it had a total locked-in generation capacity of 16.2 GW, with 7.5 GW operational, 2.3 GW under development in wind, thermal, and hydro, and a renewable energy pipeline of 6.3 GW. It also has 4.2 GWh of locked-in energy storage capability via a battery energy storage system and a hydro-pumped storage facility.
The company intends to reach 20 GW of generation capacity and 40 GWh of energy storage capacity by 2030.
Last week, JSW Neo Energy got two big orders for its renewable energy portfolio: a 300 MW solar power project at Pavagada Solar Park in Karnataka and a 500 MW ISTS-connected solar power project with 250 MW/500 MWh of Energy Storage Systems.
The company recorded an 80 per cent year-on-year increase in net profit to ₹521.80 Crore for the first quarter ending June 30, 2024. JSW Energy’s net profit for the quarter was ₹289.90 Crore.
Revenue from operations decreased by 1.7 per cent to ₹2,879.50 Crore, compared to ₹2,927.90 Crore in the previous fiscal year. EBITDA increased by 16 per cent to ₹1,417.90 Crore in the first quarter of this fiscal year, from ₹1,222.10 Crore in the previous year.
The EBITDA margin was 49.2 per cent in the reporting quarter, compared to 41.7 per cent in the first quarter of FY24.
JSW Energy was trading 1.33 per cent lower at ₹684.35, against the previous close of ₹693.55 on NSE. The counter touched an intraday high and low of ₹702.70, and ₹680.70, respectively.