JSW Energy subsidiary secures new order from SECI

18 Mar 2024 , 03:00 PM

JSW Energy Limited shares rose more than 1% in the morning trade on March 18 after Solar Energy Corporation of India (SECI) awarded JSW Neo Energy Limited, a wholly-owned subsidiary, an extra 500 MW of wind capacity.

However, later in the day, the counter erased early morning gains to trade about 2% lower.

At around 2.50 PM, JSW Energy was trading 1.59% lower at ₹490, against the previous close of ₹497.90 on NSE.

After this, JSW Neo’s total capacity under SECI stands at 1,000 MW,” the firm stated in a regulatory filing on March 16.

Presently, the business has a total installed generation capacity of 7.2 GW, including 1.6 GW allocated to wind energy. The business anticipates 9.8 GW of installed capacity by CY24. The addition of 500 MW increased its overall locked-in generation capacity to 12.5 GW, with 4.6 GW coming from wind power.

On March 14, JSW Neo Energy Ltd got a letter of intent from Gujarat Urja Vikas Nigam Limited for 300MW of grid-connected solar capacity. The facility will be located in Gujarat State Electricity Corporation’s RE Park in Khavda.

The company’s consolidated net profit increased by 24.36% year-on-year in the third quarter, mainly due to a strong thermal portfolio and merchant sales. JSW Energy earned ₹186.74 Crore in the similar period previous year.

Its sales increased to ₹2,661.41 Crore in the third quarter from ₹2,349.79 Crore the year before. This was owing to increased contributions from the renewable portfolio.

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