JSW Energy arm commissions 300 MW wind plant in TN; stock hits 52-week high

JSW Energy has informed exchanges that its subsidiary, JSW Renew Energy Two Ltd, has completed commissioning of 300 MW of the 450 MW wind power plant in Tuticorin, Tamil Nadu. This wind project, connected to the Inter-state transmission system (ISTS), was awarded by the Solar Energy Corporation of India (SECI) under Tranche X, according to the company’s announcement released in a BSE filing on Sunday.

Following this announcement, JSW shares surged as much as 1.5% to reach a 52-week high of ₹779.80 apiece on the BSE today during early trading hours. The stock opened higher today at ₹779.65, in sync with the strong broader market. At the time of reporting the company’s market cap stands at ₹1,33,931.50 crore.

The company informed exchanges that this is the company’s first greenfield wind power plant developed for SECI. The project is expected to play a key role in expanding the company's renewable portfolio and supporting sustainable energy goals, the release states.

JSW Energy also mentioned that an additional 150 MW wind capacity awarded under SECI Tranche X, located in Dharapuram, Tamil Nadu, is nearing completion, with 138 MW already operational. With this, the company’s current installed capacity reaches 7,726 MW, while another 2,114 MW is under construction, slated for completion by FY 2025.

“The Company’s current installed wind capacity stands at 2,152 MW,” the release notes.

“Today, JSW Energy proudly commissions its first greenfield wind power plant for SECI, reaffirming our strong execution capabilities and commitment to a greener future for India. This achievement moves us closer to our target of 10 GW installed capacity by FY2025. Additionally, we have a robust pipeline of renewable projects, propelling us towards our goal of 20 GW before 2030. I extend my heartfelt gratitude to our dedicated team and partners for their unwavering support," says Sharad Mahendra, joint managing director and CEO of JSW Energy.

The company’s total locked-in generation capacity, including wind, solar, hydro, and thermal plants, is 18.2 GW, with a renewable pipeline of 8.3 GW, of which 2.3 GW have signed Power Purchase Agreements (PPAs), it adds.

The company says it is targeting 20 GW of generation capacity and 40 GWh of energy storage capacity before 2030. Additionally, JSW Energy has set a goal to become carbon neutral by 2050. “The company also has 4.2 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project,” the release adds.