Shares of JSW Energy were gaining on Tuesday after the company’s unit said it had begun commissioning a massive wind energy project.
What Happened: JSW Renew Energy, a wholly-owned subsidiary of JSW Energy, has commenced the phase-wise commissioning of its 810 megawatts wind power project in Tamil Nadu.
The project, awarded under Solar Energy Corporation of India (SECI) tranche IX, has achieved the commissioning of its first phase, generating 51 megawatts. The power purchase agreement with SECI spans 25 years.
The addition of the new wind project contributes to JSW Energy’s growing portfolio, marking the company’s initiation into the greenfield wind capacity sector. “With this, JSW Energy is well placed to achieve targeted 10 GW generation capacity by the end of CY2024," said Prashant Jain, Joint Managing Director and CEO of JSW Energy.
Why It Matters: Following this development, JSW Energy’s total installed capacity has reached 6,822 megawatts, with an additional 2,969 megawatts under construction, expected to be commissioned in phases over the next 12 months.
Looking ahead, JSW Energy has set ambitious targets, aiming to reach 20 gigawatts of generation capacity and 40 gigawatt-hours of energy storage capacity by 2030. With its current capacity standing at 9.8 gigawatts, the company is on track to achieve its near-term goal of 10 gigawatts by 2025.
Additionally, the company has secured 3.4 gigawatt-hours of energy storage capacity through a combination of battery energy storage systems and a hydro-pumped storage project.
JSW Energy has also set an ambitious target of reducing its carbon footprint by 50% by 2030 and achieving carbon neutrality by 2050.
Price Action: JSW Energy’s share price was up 1.67% at ₹416.15 in morning trade on Tuesday.
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