JSW Energy arm gets LOI for 192 MW grid connected project in Gujarat

29 Jul 2024 , 12:41 PM

JSW Energy said on Monday, July 29, 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, the business stated.

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 the present 7.5 GW.

JSW Energy stated 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% 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% to ₹2,879.50 Crore, compared to ₹2,927.90 Crore in the previous fiscal year. EBITDA increased by 16% 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% in the reporting quarter, compared to 41.7% in the first quarter of FY24.

At around 12.34 PM, JSW Energy was trading 1.33% 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.

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