JSW Energy inks massive 1.3 GW renewable energy PPAs

27 Jun 2024 , 01:32 PM

JSW Energy’s stock rose 2.51% to ₹730.15 after its subsidiary, JSW Neo Energy, inked power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI) and GUVNL for wind and solar projects.

JSW Neo Energy has signed PPAs for wind and solar projects with a total capacity of 1,325 MW, including 1,025 MW with Solar Energy Corporation of India and 300 MW with Gujarat Urja Vikas Nigam. The entire locked-in capacity of the corporation is 13.6 GW.

The 1,025 MW wind farm has a composite tariff of ₹3.62/KWh for power supply over a 25-year term. The projects are situated in Gujarat (JSW Renew Energy Eight) and Karnataka (JSW Renew Energy Four). The projects are projected to be operational within 24 months. This brings the total locked-in wind capacity to 4.8 GW.

The company has also inked a PPA with GUVNL for 300 MW of grid-connected solar capacity at Khavda, which was awarded through Gujarat State Electricity Corporations RE Park project. The power purchase agreement is signed for a 25-year term. The project is located in Gujarat (JSW Renew Energy Ten). The project is planned to be completed within 21 months. This brings the total locked-in solar capacity to 3.3 GW.

JSW Energy’s primary business is power generating, with key locations in Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh), and Salboni (West Bengal).

In Q4 FY24, the power generation company’s consolidated net profit increased by 29.15% to ₹351.34 Crore, while income from operations increased by 3.21% to ₹2,755.87 Crore, compared to Q4 FY23.

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