The share price of JSW Energy inched up in early trade on March 6 after the company's step-down subsidiary signed a battery energy storage purchase agreement (BESPA) with Solar Energy Corporation of India Limited.
At 9:26am, JSW Energy was trading at Rs 511.75, up Rs 2.40, or 0.47 percent, on the BSE.
"JSW Renew Energy Five Limited, a wholly owned subsidiary of JSW Neo Energy Limited and a step-down subsidiary of the company, has signed a battery energy storage purchase agreement (BESPA) for the first project of 250 MW / 500 MWh standalone battery energy storage system out of the total awarded project capacity of 500 MW / 1,000 MWh (two projects each of 250 MW / 500 MWh) with Solar Energy Corporation of India Limited," the company said in a press release.
The company will be entitled to receive a fixed capacity charge of Rs 10.84 lakh per MW per month for 12 years for 60 percent of the total capacity amounting to 150MW / 300 MWh.
The utilisation of the remaining 40 percent of the project capacity i.e. 100MW/ 200MWh is to be managed by the company.
The project is required to supply power of the contracted capacity within 18 months.
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Projects won in February
JSW Neo Energy received the Letter of Awards (LoA) for a wind capacity of 500 MW from Solar Energy Corporation of India Limited (SECI) against tariff-based competitive bid invited for setting up of 1,350 MW ISTS-connected Wind Power Projects (Tranche - XVI).
Also, the subsidiary secured capacity allocation of 6.5 KTPA for setting up of green hydrogen production facility in the first-ever auction conducted by SECI under the strategic interventions for green hydrogen transition scheme.
The subsidiary received project of ISTS-connected solar capacity of 700 MW from SJVN Limited, against tariff-based competitive bid invited for setting up of 1,500-MW ISTS-connected solar power projects.
The company had reported a 24.36 percent year-on-year increase in consolidated net profit for the third quarter ended December 2023 at Rs 232.24 crore against Rs 186.74 crore in the corresponding quarter last year.
The share touched a 52-week high of Rs 537.90 and a 52-week low of Rs 220.65 on February 26, 2024 and March 28, 2023, respectively. Currently, the stock is trading 4.86 percent below its 52-week high and 131.93 percent above its 52-week low.
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