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JSW Energy Surges to 52-Week High

22 Apr 2024 , 02:14 PM

On April 22, the opening trading saw the share price of JSW Energy reach a 52-week high of ₹651.55, following the company’s arm receiving an order from NTPC to establish a 700 MW ISTS-connected solar power project.

JSW Energy was trading at ₹618.00 at 13:34 p.m. on the BSE, down 1.39%.

“JSW Neo Energy Limited has received Letter of Award (LoA) for setting up 700 MW ISTS connected solar power project from NTPC Limited against tariff based competitive bid invited for setting 1,500 MW ISTS-connected solar power projects (NTPC-ISTS-II),” the business stated in its exchange filing.

The company now has 13.3 GW of total locked-in generation capacity, of which 3.1 GW is solar electricity. With 9.8 GW of installed capacity anticipated by CY24, the current installed generation capacity stands at 7.2 GW.

With 3.2 GW of operating, 2.6 GW under construction in wind, thermal, and hydropower, and LoA/LoIs for 3.4 GW of capacity from SECI (Solar Tranche XIII and Wind Tranche XVI), SJVN, GUVNL, and NTPC, JSW Energy has a total locked-in generation capacity of 13.3 GW.

Additionally, the company’s battery energy storage system and hydro pumped storage project provide 3.4 GWh of locked-in energy storage capacity.

Before 2030, the corporation wants to achieve 40 GWh of energy storage capacity and 20 GW of generating capacity. The ambitious goal of JSW Energy is to become carbon neutral by 2050.

JSW Energy stated in an exchange filing on April 17 that Ind-Barath Energy (Utkal) Limited (IBEUL), a subsidiary of their business, had received an award from the Arbitral Tribunal for arbitration against Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) concerning disagreements stemming from the Power Purchase Agreement on August 8.

The Arbitral Tribunal granted IBEUL’s request to recoup ₹120 Crore from TANGEDCO, plus nine percent interest from the date of TANGEDCO’s improper encashment of the performance bank guarantee until the whole amount was paid.

Additionally, they denied Tangedco’s counterclaim, which sought to recover ₹200 Crore in termination fees and ₹118 Crore as a penalty.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • JSW Energy
  • NTPC
  • solar energy
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