LIC-Backed Energy Company Signs PPA for 700 MW Solar Project with SECI Following MSEDCL 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 Eleven Ltd, a step-down subsidiary of JSW Energy Ltd, has signed a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (“SECI”) for an ISTS-connected 700 MW solar capacity awarded under SECI Tranche XIII. The PPA is signed for 25 years at a tariff of Rs 2.56/kWh. The project is expected to be commissioned within 24 months.
Recent PPA with MSEDCL
JSW Renew Energy Six Limited and JSW Renew Energy Thirty Limited, step-down subsidiaries of JSW Energy Limited, have entered into Power Purchase Agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for state transmission utility (STU)- connected solar-wind hybrid projects.
The agreements cover two projects, each with a capacity of 600 MW, totaling 1,200 MW. The Letters of Award for these projects were received on August 29, 2024, and September 10, 2024. The PPAs, set for 25 years, are priced at a tariff of ₹3.60/kWh. These projects are expected to be commissioned within 24 months and will be connected to the STU network in Maharashtra. Currently, the company has a project pipeline of 8.3 GW, with PPAs signed for 4.4 GW.
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Share Performance
On Tuesday, the shares of JSW Energy Ltd closed the day at around Rs 669.80 per share. The company’s current market capitalization stands at Rs 1.16 lakh crore. The stock has delivered a return of over 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.
According to the shareholding pattern, promoters own 69.32 per cent, while 5.90 per cent is owned by public investors. FIIs and DIIs own 15.37 per cent which was earlier 8.37 per cent and 9.21 per cent stake in the company.
Investors must keep this Large-Cap energy stock on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.