Solar power company bags 600 MW wind-solar hybrid power project from Maharashtra State Electricity Distribution Company Ltd (MSEDCL)

The stock gave multibagger returns of 101 per cent in just 1 year whereas BSE Sensex Index is up by 26.6 per cent.

JSW Neo Energy Limited (JSW Neo), a wholly-owned subsidiary of JSW Energy Limited, has received a Letter of Award (LoA) for an additional 400 MW of Wind-Solar Hybrid Power Project under a greenshoe option from Maharashtra State Electricity Distribution Company Limited (MSEDCL) against MSEDCL – Phase III. After this, the cumulative capacity allotted to JSW Neo under Phase- III stands at 600 MW. As a result of this capacity award, the company’s total locked-in generation capacity has increased to 17.6 GW, which includes a total locked-in Hybrid capacity of 3.2 GW (including FDRE). The Company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently.

This project enhances the company’s energy solution offerings and supports its transition towards becoming an energy products and services company. JSW Energy has a total locked-in generation capacity of 17.6 GW comprising 7.5 GW operational, 2.3 GW under construction across wind, thermal and hydro and RE pipeline of 7.7 GW (PPAs signed for 2.3 GW). The company also has 4.2 GWh of locked-in energy storage capacity through battery energy storage systems and hydro-pumped storage projects. The Company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.

JSW Energy Ltd, a prominent player in India's private power sector, is a member of the expansive USD 23 billion JSW Group. The group holds positions in various industries, including steel, energy, infrastructure, cement, and sports. JSW Energy Ltd. possesses a strong presence throughout the power sector, with assets spanning power generation and transmission. The company's dedication to robust operations, sound corporate governance and prudent capital allocation strategies has fostered sustainable growth and value creation for its stakeholders.

The company has a market cap of over Rs 1,24,000 crore and has been maintaining a healthy dividend payout of 27.5 per cent. In June 2024, FIIs increased their stake to 15.37 per cent from 8.37 per cent in March 2024 while Life Insurance Corporation of India (LIC) owns a 7.05 per cent stake as of March 2024. The stock gave multibagger returns of 101 per cent in just 1 year whereas BSE Sensex Index is up by 26.6 per cent. Investors should keep an eye on this mid-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice. 

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