JSW Energy’s stock saw a slight rise in early trading on March 6 following the announcement of a battery energy storage purchase agreement (BESPA) between its step-down subsidiary and Solar Energy Corporation of India Limited (SECI).
As of 9:26 am, JSW Energy was trading at Rs 511.75, marking an increase of Rs 2.40 or 0.47 percent on the BSE.
According to a press release by the company, JSW Renew Energy Five Limited, a wholly-owned subsidiary of JSW Neo Energy Limited and a step-down subsidiary of JSW Energy, inked a BESPA for a 250 MW/500 MWh standalone battery energy storage system, the first project out of a total awarded capacity of 500 MW/1,000 MWh (comprising two projects of 250 MW/500 MWh each) with SECI.
Under the agreement, the company is entitled to a fixed capacity charge of Rs 10.84 lakh per MW per month for 12 years for 60 percent of the total capacity, equivalent to 150 MW/300 MWh. The remaining 40 percent capacity, i.e., 100 MW/200 MWh, is to be managed by the company. The project is expected to supply power of the contracted capacity within 18 months.
JSW Neo Energy also secured a Letter of Awards (LoA) for 500 MW of wind capacity from SECI against a tariff-based competitive bid. Additionally, the subsidiary secured capacity allocation for setting up a green hydrogen production facility and a solar capacity project from SJVN Limited.
In the third quarter ended December 2023, JSW Energy reported a 24.36 percent year-on-year increase in consolidated net profit to Rs 232.24 crore. The company’s stock reached a 52-week high of Rs 537.90 and a low of Rs 220.65 on February 26, 2024, and March 28, 2023, respectively. Currently, it is trading 4.86 percent below its 52-week high and 131.93 percent above its 52-week low.
