JSW Energy's wholly-owned arm receives LOA for 300 MW of Wind Capacity from SECI; stock zooms ~2%

14 Jul 2022 , 09:59 AM

JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, has received a Letter of Award (LoA) from Solar Energy Corporation of India Limited (SECI) for a total wind capacity of 300 MW in response to a Tariff-based Competitive Bid invited by SECI for the establishment of 1200 MW ISTS-connected Wind Power Projects (Tranche – XII).

As a result, the company’s total power generation portfolio grows to 7.3 GW, with renewable energy accounting for 57% of the total clients.
The company is currently building approximately 2.0 GW of wind energy projects. Projects totaling 1.26 GW (tied up with SECI) are expected to begin phased commissioning in the current quarter.

JSW Energy has set an ambitious goal of reducing its carbon footprint by 50% by 2030 and reaching Carbon Neutrality by 2050 by transitioning to renewable energy.

The company has set a target of 20 GW capacity by 2030, with renewable energy accounting for 85% of total capacity. Around 2.2 GW of renewable energy projects are currently under construction, with 1.26 GW of wind projects tied to SECI expected to be fully operational in the next 12-15 months.

The completion of these projects will bring the Company’s total generation capacity to 7 GW. Furthermore, this 300 MW project brings the total capacity to 7.3 GW, with renewable energy accounting for 57% of the total.

JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, is a vehicle formed as part of a business reorganization to own all renewable/green power generating assets.

At around 10.03 AM, JSW Energy was trading at Rs232.15 up by Rs4.4 or 1.93% from its previous closing of Rs227.75 on the BSE. The scrip opened at Rs231.25 and hit intraday a high and low of Rs234.30 and Rs231.25 respectively.