JSW Energy shares surge nearly 3% after company receives LoI for 300 MW solar capacity

JSW Energy Ltd witnessed a nearly 3% surge in its shares after the company secured a Letter of Intent (LoI) for 300 MW of solar capacity from Gujarat Urja Vikas Nigam (GUVNL).

The LoI was granted to JSW Neo Energy, a wholly owned subsidiary of JSW Energy, for grid-connected solar capacity at Khavda RE Park in Gujarat.

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This achievement comes in the wake of a tariff-based competitive bid for establishing 1,125 MW of grid-connected solar power projects in Gujarat State Electricity Corporation’s RE Park at Khavda.

JSW Energy’s current installed generation capacity stands at 7.2 GW, with 675 MW attributed to solar power. The company anticipates reaching 9.8 GW of installed capacity by CY24. With the newly awarded 300 MW capacity under GSECL Stage-3, JSW Energy’s total locked-in generation capacity rises to 12 GW, of which 2.4 GW will be solar.

The company’s overall locked-in generation capacity comprises 7.2 GW operational, 2.6 GW under construction across wind, thermal, and hydro, along with LoAs for 2.2 GW capacity from SECI (Solar Tranche XIII and Wind Tranche XVI) and SJVN and GUVNL.

Furthermore, JSW Energy boasts 3.4 GWh of locked-in energy storage capacity via battery energy storage systems and hydro pumped storage projects. It aims to achieve a generation capacity of 20 GW and 40 GWh of energy storage capacity before 2030.

JSW Energy primarily focuses on power generation, with key locations in Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh), and Salboni (West Bengal).

As of 11:58 am, the company’s shares were trading 2.33% higher at ₹487.95.