JSW Energy Arm gets LoI for 192 MW Grid Connected Hybrid Power Project in Gujarat

On Monday, July 29, JSW Energy said its wholly-owned subsidiary JSW Neo Energy received a Letter of Intent from Gujarat Urja Vikas Nigam to set up a 192 MW grid connected hybrid power project.

 

Key Takeaways from JSW Energy Agreement for Grid Connected Hybrid Power Project

  • JSW Energy’s wholly-owned subsidiary JSW Neo Energy received a letter of intent from Gujarat Urja Vikas Nigam to set up a 192 MW grid connected hybrid power project.
  •  The company has a 16.2 GW total locked-in generating capacity, of which 7.5 GW are operating, 2.3 GW are under development using wind, thermal, and hydropower, and 6.3 GW are in the renewable energy pipeline.
  • JSW Energy expects to attain 20 GW of generation capacity and 40 GWh of energy storage capacity. 

 

"The capacity is awarded against Tariff based Competitive Bid invited for setting up of 500 MW Grid connected Hybrid Power Projects (Phase II) along with a green shoe option for additional capacity up to 500 MW," the company said in an exchange filing on Monday.

 

The company's overall locked-in generating capacity, including the 2.1 GW total locked-in hybrid capacity, rises to 16.2 GW following the capacity award. By FY25, the corporation hopes to build 10 GW of generating capacity, up from the present 7.5 GW.

 

According to JSW Energy, it has a 16.2 GW total locked-in generating capacity, of which 7.5 GW are operating, 2.3 GW are under development using wind, thermal, and hydropower, and 6.3 GW are in the renewable energy pipeline. Through a battery energy storage system and a hydro pumped storage project, it also has 4.2 GWh of locked-in energy storage capacity. 

 

Before 2030, the company expects to attain 20 GW of generation capacity and 40 GWh of energy storage capacity. 

 

Last week, JSW Neo Energy got two big orders for its renewable energy portfolio: a 300 MW solar power project at Pavagada Solar Park in Karnataka and a 500 MW ISTS-connected solar power project with 250 MW/500 MWh of Energy Storage Systems.

 

The company's first quarter consolidated net profit ending June 30, 2024, increased by 80% year-on-year to Rs 521.76 crore. Its operating revenue fell 1.7% to Rs 2,879.46 crore from Rs 2,927.85 crore in the same period of the previous fiscal year.

 

EBITDA increased by 16% to Rs 1,417.9 crore in the first quarter of this fiscal year from Rs 1,222.1 crore in the same time last year at the operational level. In the reporting quarter, the EBITDA margin was 49.2%, as opposed to 41.7% in the first quarter of FY24. 

 

About JSW Energy Limited

Originally known as Jindal Tractebel Power Company Limited, JSW Energy Limited was founded in 1994 as a joint venture between JSW Steel Limited and Tractebel S.A., Belgium. In order to better reflect the corporate identity, the company renamed itself as JSW Energy Ltd on December 7, 2005. Within the $12 billion JSW Group lies the broad energy vertical known as JSW Energy. With 3,158 MW of thermal power, 1,358 MW of wind power, 1,391 MW of hydropower, and 657 MW of solar power, the company now has 6,564 MW of installed producing capacity. In a joint venture with Maharashtra State Electricity Transmission Company Limited, a fully owned corporate body of the Maharashtra government, it runs two 400 KV transmission lines.

 

JSW Energy also operates lignite mines in Rajasthan with a combined capacity of 9 MTPA through a joint venture with Rajasthan State Mines and Minerals Limited. It has a joint venture with Toshiba Corporation to produce supercritical steam engines. In addition to electricity generation, it has been involved in power trading since June 2006. The corporation also owns a share in a coal mining company in South Africa.

 

Read More About  JSW Energy Share Price  Here!

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