06 Mar , 2024 By : Debdeep Gupta
JSW Energy gains on battery power storage deal with Solar Energy Corp, The project is required to supply power of the contracted capacity within 18 months.
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 9:26 am, 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.
Projects won in February
JSW Neo Energy received the Letter of Award (LoA) for a wind capacity of 500 MW from Solar Energy Corporation of India Limited (SECI) against a tariff-based competitive bid invited for setting up of 1,350 MW ISTS-connected Wind Power Projects (Tranche - XVI).
Also, the subsidiary secured a 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 the green hydrogen transition scheme.
The subsidiary received a project of an ISTS-connected solar capacity of 700 MW from SJVN Limited, against a 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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