JSW Energy Arm Bags 200 MW Wind-Solar Hybrid Project; Shares Gain
Following this order, the company’s total locked-in generation capacity has increased to 17.2 gigawatts, which includes a total locked-in hybrid capacity of 2.9 gigawatts.
JSW Energy Ltd.'s arm received a letter of award for setting up a wind-solar hybrid power project from Maharashtra State Electricity Distribution Co. SW Neo Energy Ltd., a wholly owned subsidiary of JSW Energy, received the 200 megawatt wind-solar hybrid power project against a tariff-based competitive bid, the company said in an exchange filing on Tuesday.
Following this order, the company’s total locked-in generation capacity has increased to 17.2 gigawatts, which includes a total locked-in hybrid capacity of 2.9 gigawatts. "This project enhances the company’s energy solution offerings and supports its transition towards becoming an energy products and services company," it said in the filing.
JSW Energy's total locked-in generation capacity of 17.2 GW comprises 7.5 GW operational, 2.3 GW under construction across wind, thermal, and hydro, and a RE pipeline of 7.3 GW.
The company expects to have an installed generation capacity of 10 GW by fiscal 2025, up from 7.5 GW currently, the statement said. JSW Energy has set an ambitious target of achieving carbon neutrality by 2050, it said.
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Shares of JSW Energy rose as much as 3.07% during the day to Rs 737.5 apiece on the NSE. It was trading 2.54% higher at Rs 733 apiece, compared to a 0.14% advance in the benchmark Nifty 50 as of 1:29 p.m.
The has risen 111% during the last 12 months but has fallen by 80% on a year-to-date basis. The total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 59.
Four out of the 13 analysts tracking the company have a 'buy' rating on the stock, five suggest a 'hold' and four have a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 14%.
