LIC-Backed Energy Company Signs First 192 MW Wind-Solar Hybrid PPA with GUVNL After NTPC Agreement; FIIs Nearly Double Stake in Q1 FY25!
Total generation capacity is 18.2 GW, comprising 7.7 GW operational, 2.1 GW under construction, and an 8.3 GW renewable energy pipeline, along with 16.2 GWh of energy storage capacity.
JSW Renew Energy Seventeen Ltd, a step-down subsidiary of JSW Energy Ltd, has signed its first Power Purchase Agreement (PPA) for a 192 MW wind-solar hybrid project with GUVNL.
The said agreement, set for 25 years, is for power supply at a tariff of Rs 3.27/kWh. The project, connected to the STU in Gujarat, is expected to be commissioned within 24 months.
JSW Energy currently has a project pipeline of 8.3 GW, with PPAs signed for 3.2 GW. Its total generation capacity stands at 18.2 GW, including 7.7 GW operational and 2.1 GW under construction across wind, thermal, and hydro projects. Additionally, the company has locked in 16.2 GWh of energy storage capacity and aims to reach 20 GW of generation and 40 GWh of energy storage by 2030. JSW Energy is targeting carbon neutrality by 2050.
Recent PPA With NTPC
On October 14, JSW Renew Energy Thirteen Ltd, a step-down subsidiary of JSW Energy Ltd, signed a Power Purchase Agreement (PPA) with NTPC Ltd for a solar capacity of 700 MW, connected to ISTS/STU. The agreement is set for 25 years at a tariff of Rs 2.59 per kWh, and the project is expected to be commissioned by June 2026. This marks a significant milestone for JSW Energy’s solar pipeline, which currently stands at 3.2 GW, with 2.0 GW already having PPAs signed.
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Recent Energy Storage Facility Agreement With MSEDCL
In addition to the PPA on October 11, another step-down subsidiary, JSW Energy PSP Two Ltd, signed an Energy Storage Facility Agreement (ESFA) with the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) on October 11, 2024. This agreement follows the announcement of receiving the letter of intent on October 1, 2024, for the procurement of 1,500 MW / 12,000 MWh of pumped hydro energy storage. The ESFA is a 40-year contract, entitling JSW Energy to a fixed capacity charge of Rs 84.66 lakhs per MW per annum.
The energy storage will be supplied by the Bhavali Pumped Hydro Project, located in the Nashik and Thane districts of Maharashtra. The project will feature an 8-hour discharge capacity, with a maximum of 5 hours of continuous discharge. It is expected to be commissioned within the next 48 months, adding to JSW Energy’s growing portfolio of sustainable energy solutions.
Share Performance
Currently, the shares of JSW Energy Ltd are trading the day at around Rs 684 per share. The company’s current market capitalization stands at Rs 1.19 lakh crore. The stock has delivered a return of around 70 per cent in just 1 year.
Financial Performance
As per the Quarterly Results, in the first quarter of FY25, JSW Energy Ltd recorded a revenue of Rs 2879 crore. The operating profit for Q1 FY25 stood at Rs 1418 crore. The net profit for Q1 FY25 was Rs 534 crore. Looking at the annual performance, the company generated a revenue of Rs 11486 crore in FY24, compared to Rs 10332 crore in FY23. The operating profit for FY24 was Rs 5382 crore with a net profit of Rs 1725 crore.
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Disclaimer: The article is for informational purposes only and not investment advice.