JSW Energy Arms Sign 25-Year Power Purchase Deal With Maharashtra Discom
These power purchase agreements of JSW Energy are set for a 25-year period at a tariff of Rs 3.60 per kilowatt hour.
Two JSW Energy Ltd. subsidiaries have signed power purchase agreements with Maharashtra State Electricity Distribution Co. for 1,200 megawatt solar-wind hybrid capacity. JSW Renew Energy Six Ltd. and JSW Renew Energy Thirty Ltd. signed the deals for two hybrid projects, each with a capacity of 600 MW, according to an exchange filing on Friday.
The letters of award for these projects were received on Aug. 29 and Sept. 10. These agreements are set for a 25-year period at a tariff of Rs 3.60 per kilowatt hour.
The projects are expected to be commissioned within two years and will be connected to state transmission lines in Maharashtra.
Earlier this week, the company secured deals from Gujarat Urja Vikas Nigam Ltd, NTPC Ltd. and MSEDCL.
In Gujarat, JSW Energy will supply power for a period of 25 years for state transmission line from a 192 MW wind-solar hybrid capacity.
It also signed energy storage facility agreement with MSEDCL for procurement of 1,500 MW of pumped hydro energy storage.
The company entered into a power purchase agreement with NTPC for inter-state 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 share price opened 0.5% higher on Thursday at Rs 680 apiece.
JSW Energy share price opened 0.5% higher on Thursday at Rs 680 apiece, only to slip and trade 0.5% lower at Rs 673.45 by 9:20 am. The benchmark NSE Nifty 50 was down 0.6%.
The stock has risen 70% in the last 12 months and 64% on a year-to-date basis. The relative strength index was at 38.
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 709 implies a potential upside of 4.8%.
