JSW Energy subsidiary bags LoA for 300 MW of Wind capacity from SECI

14 Jul 2022 , 10:36 AM

JSW Neo Energy, a wholly owned subsidiary of JSW Energy, is a vehicle formed as a part of the re-organisation of business to own all the renewable/green power generating assets. The company is evaluating opportunities for expansion into emerging energy businesses of hydro pumped storage, battery energy storage, green hydrogen, and energy products & services. JSW Neo has won the contract against the tariff-based competitive bid invited by SECI for the setting up of 1200 MW ISTS-connected wind power projects (Tranche – XII). Subsequently, the companys total power generation portfolio increases to 7.3 GW, with renewable energy share amounting to 57%. The company is currently constructing around 2.0 GW of wind energy projects. Of which projects of 1.26 GW (tied up with SECI) are expected to start commissioning in the current quarter in a phased manner. Prashant Jain, joint managing director and CEO of JSW Energy, said: ?We are pleased to have received the award from SECI under its tranche XII auction. This is another step in our renewable-led growth strategy and we will continue to contribute meaningfully in achieving Indias renewable and net-zero ambitions.? JSW Energy is one of the leading private sector power producers in India and part of the $13 billion JSW Group. JSW Energy has established its presence across the value chain of the power sector with diversified assets in power generation, and transmission. The company reported a multi-fold jump in consolidated net profit of Rs 864.35 crore in Q4 FY22 as compared to a net profit of Rs 106.60 crore in Q4 FY21. Net sales grew 55.5% YoY to Rs 2,440.68 crore during the quarter. The scrip rose 0.55% to currently trade at Rs 229 on the BSE. In the past on year, the stock has gained 32.37% while the benchmark Sensex had risen 1.45% during the same period. Powered by Capital Market – Live News