JSW Energy Ltd.'s subsidiary, JSW Renew Energy Eleven Ltd., signed a power purchase agreement with Solar Energy Corp. of India for a 700 megawatt solar project. The deal has been awarded under SECI Tranche XIII tender, according to an exchange filing on Wednesday.
The agreement is set for a 25-year period at a tariff of Rs 2.56 per kilowatt hour, the company said in the filing. The project is expected to be commissioned within two years and will be connected to inter-state transmission lines.
This month, the company secured deals from Gujarat Urja Vikas Nigam Ltd., NTPC Ltd., and Maharashtra State Electricity Distribution Co.
In Gujarat, JSW Energy will supply power for a period of 25 years for the state transmission line from a 192 MW wind-solar hybrid capacity. It also signed an energy storage facility agreement with MSEDCL for the procurement of 1,500 MW of pumped hydro energy storage.
The company entered into a power purchase agreement with NTPC for interstate and state transmission-connected solar capacity of 700 MW.
JSW Energy Project Pipeline
Currently, JSW Energy has a project pipeline of 8.3 GW, with PPAs signed for 4.4 GW.
The company has a total locked-in generation capacity of 18.2 GW, which includes 7.7 GW operational, 2.1 GW under construction across wind, thermal, and hydro sources, and a renewable energy pipeline of 8.3 GW.
Additionally, it boasts 16.2 GWh of locked-in energy storage capacity through battery energy storage systems and hydro-pumped storage projects. The JSW Group power producer aims to achieve 20 GW of generation capacity and 40 GWh of energy storage capacity by 2030.
JSW Energy Share Price Movement
JSW Energy shares were trading 0.53% lower at Rs 666.25 apiece on Wednesday, compared to a 0.14% gain in the benchmark BSE Sensex.
The stock has risen 63% in the last 12 months and 78% on a year-to-date basis.
Six out of the 13 analysts tracking JSW Energy have a 'buy' rating on the stock, four recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price target of Rs 764 implies a potential upside of 14%.
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