JSW Energy on Saturday said that its arm, JSW Neo Energy, has received a letter of award from NTPC for setting up a 700 MW solar project. JSW Energy’s total locked-in generation capacity has increased to 13.3 GW of which 3.1 GW is solar power, with the latest project win, the company said in a BSE filing.
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JSW Neo Energy Ltd, a wholly-owned subsidiary, has received a Letter of Award (LoA) for setting up a 700 MW ISTS-connected Solar Power Project from NTPC Ltd.
The company’s current installed generation capacity is 7.2 GW and expects to have 9.8 GW of installed capacity by CY24.
JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.
Sharad Mahendra, Joint MD and CEO, JSW Energy, in a recent conversation with CNBC-TV18, discussed how the rising peak power demand in India presents a huge growth opportunity for the company.
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Mahendra said the company’s vision is to be among the leading green energy producers in the country and providing not only green energy but a comprehensive solution to the end customers.
JSW Energy share price performance and income
JSW Energy share price settled at ₹630.45 on with minor gains on Friday. So far this year, JSW Energy has gained nearly 54% and the one-year return on the stock is more than 143%.
JSW Energy reported an over 28% rise in its consolidated net profit to ₹231 crore in the December 2023 quarter on the back of higher revenues.
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During the quarter, the total revenue increased 13% year-on-year to ₹2,661 crore from ₹2,350 crore in Q3 FY23, driven by incremental contributions from the renewable portfolio and strong thermal performance, largely driven by a buoyant merchant market.
