JSW Renew Energy Thirteen, a subsidiary of JSW Energy, has entered into a Power Purchase Agreement (PPA) with NTPC for a solar capacity of 700 megawatts.
What Happened: The agreement is set to supply power for 25 years at a tariff of ₹2.59 per kilowatt hour, according to the company’s press release. The project is slated for commissioning by June 2026. This move bolsters JSW Energy’s current solar pipeline capacity to 3.2 gigawatts, with PPAs already signed for 2.0 gigawatts.
See Also: Mutual Funds Pick Up RVNL, Mazdock, IREDA Shares In Sept, Dump Yes Bank, CDSL
JSW Energy boasts a total locked-in generation capacity of 18.2 gigawatts, which includes 7.7 gigawatts that are operational and 2.1 gigawatts that are under construction across wind, thermal, and hydro. The company also has a renewable energy pipeline of 8.3 gigawatts and 16.2-gigawatt hours of locked-in energy storage capacity through a battery energy storage system and hydro-pumped storage project.
This agreement is a significant stride towards JSW Energy’s ambitious target of achieving carbon neutrality by 2050, the statement added. The company aims to reach 20 gigawatts of generation capacity and 40 gigawatt hours of energy storage capacity before 2030.
Price Action: Shares of both JSW Energy and NTPC were trading flat at ₹705.80 and ₹422.05 on Monday morning.
Read Next: Larsen And Toubro Shares Rise After JPMorgan issues ‘Overweight’ Call
Engineered by Benzinga Neuro, Edited by Nivedita Hazra
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.