BUSINESS

JSW Energy Rises 3% Following the Start of the 810 MW Wind Power Project’s Commissioning by Subsidiary

Following the phased commissioning of the 810 MW ISTS-connected wind power project granted under SECI Tranche IX, a fully owned step-down subsidiary of JSW Energy Ltd commissioned 51 MW of wind power capacity, causing the company’s shares to climb 3% on Tuesday.

JSW Energy said in a regulatory filing on December 26 that its subsidiary company has begun phase-wise commissioning of the 810 MW ISTS-connected wind power project in Tamil Nadu, which was awarded under the SECI tranche IX, with the first phase of 51 MW having been completed. The project and SECI have a 25-year power purchase agreement, according to the filing. next, the total installed capacity is 6,822 MW, and the 2,969 MW under construction will probably be commissioned gradually over the course of the next year, according to the filing.

“We are happy to announce that we have started commissioning of the SECI-IX wind project, which is the first and largest greenfield wind capacity bagged by the company,” said Prashant Jain, joint managing director and CEO. By doing this, JSW Energy will be in a good position to reach its goal of 10 GW of generating capacity by the end of 2024.

According to Jain, JSW Energy has set a goal to achieve 40 GWh of energy storage capacity and 20 GW of production capacity by 2030. JSW Energy said that, with a total capacity of 9.8 GW, it is in a good position to meet its 2025 deadline of 10 GW.

Furthermore, JSW Energy has now secured 3.4 GWh of energy storage capacity via hydro-pumped storage projects and battery energy storage systems. JSW Energy said that company has set an ambitious goal to achieve carbon neutrality by 2050 and a 50% decrease in carbon footprint by 2030.

JSW Energy reported a consolidated net profit rise of 88% year over year to Rs 856.79 crore in Q2FY24. Revenue for the same time increased from Rs 2,596.27 crore in the previous fiscal year to Rs 3,387.36 crore in the reporting period. EBITDA (earnings before interest, tax, depreciation, and amortisation) rose 83% from Rs 1,098.37 crore to Rs 2,008.32 crore in the previous year.

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