26 Aug 2024

JSW Energy Gains as Subsidiary Secures Contract from Adani Electricity

JSW Energy's stock is currently trading at Rs. 706.20, marking an increase of 2.70 points or 0.38% from its previous close of Rs. 703.50 on the BSE. The stock opened at Rs. 710.05, reaching a high of Rs. 715.15 and a low of Rs. 704.15 during the session. A total of 23,204 shares have been exchanged so far.

The stock, which belongs to the BSE group 'A' with a face value of Rs. 10, hit a 52-week high of Rs. 752.40 on July 1, 2024, and a 52-week low of Rs. 340.15 on August 25, 2023. Over the past week, the stock fluctuated between a high of Rs. 725.00 and a low of Rs. 664.30. The company's current market capitalization stands at Rs. 1,23,427.41 crore.

Promoters hold 69.32% of the company, with institutions and non-institutions holding 24.58% and 6.10%, respectively.

JSW Energy's subsidiary, JSW Neo Energy, has secured a Letter of Award (LoA) from Adani Electricity Mumbai (AEML) for the development of a 250 MW grid-connected wind power project, awarded through a tariff-based competitive bidding process.

This new project has boosted JSW Energy's total committed generation capacity to 17.0 GW, including 4.7 GW in wind power, with 2.0 GW currently installed. The company aims to reach an installed generation capacity of 10 GW by FY25, up from its current 7.5 GW. This addition supports JSW Energy’s transition into an energy products and services provider.

JSW Energy's total committed generation capacity includes 7.5 GW operational, 2.3 GW under construction across wind, thermal, and hydro, and a renewable energy pipeline of 7.1 GW, with Power Purchase Agreements (PPAs) signed for 2.3 GW. Additionally, the company has 4.2 GWh of energy storage capacity secured through battery energy storage systems and hydro-pumped storage projects. JSW Energy aims to achieve a generation capacity of 20 GW and 40 GWh of energy storage capacity by 2030, with a long-term goal of achieving carbon neutrality by 2050.

JSW Energy is part of the JSW Group, a conglomerate with diverse interests in sectors such as steel, power, mining, industrial gases, port facilities, aluminium, cement, and information technology.