Shares of JSW Energy Ltd rose 2.89% to ₹418.60 apiece on the BSE after a wholly-owned step-down subsidiary of the company commissioned the first phase of 51 MW of wind power capacity under the phase-wise commissioning of the 810 MW ISTS-connected wind power project awarded under SECI Tranche IX.
According to a regulatory filing on December 26, JSW Energy's subsidiary has initiated the phase-wise commissioning of an 810 MW ISTS-connected wind power project in Tamil Nadu, awarded under the SECI tranche IX. The first phase of 51 MW has been commissioned, and the project has a power purchase agreement with SECI for 25 years.
Following this development, the total current installed capacity has now reached 6,822 MW, while the under-construction capacity remains at 2,969 MW, slated for phased commissioning over the next year, as per the filing.
Prashant Jain, Joint Managing Director and CEO of JSW Energy, said, “We are happy to announce that we have started commissioning of the SECI-IX wind project which is the first and the largest greenfield wind capacity bagged by the Company. With this, JSW Energy is well placed to achieve targeted 10 GW generation capacity by end of CY2024”
In Q2FY24, JSW Energy reported an 88% year-on-year increase in consolidated net profit, reaching ₹856.79 crore. During the same period, revenue rose to ₹3,387.36 crore, up from ₹2,596.27 crore in the previous fiscal year. Earnings before interest, tax, depreciation, and amortisation (EBITDA) also saw a substantial 83% increase, reaching ₹2,008.32 crore compared to ₹1,098.37 crore in the corresponding period of the previous year.
Recently, in December, the Union Minister for New & Renewable Energy and Power has disclosed that the Ministry is actively working to achieve the ambitious target set by the Prime Minister at COP26 – 500 GW of installed electricity generation capacity from non-fossil sources by 2030. In alignment with India's Nationally Determined Contribution (NDC) submitted to the UNFCCC, the country aims to attain approximately 50% cumulative electric power installed capacity from non-fossil fuel-based sources by the same deadline.
To realise these objectives, the Indian government has implemented various strategic measures, including the waiver of Inter State Transmission System (ISTS) charges for inter-State sale of solar and wind power, applicable to projects commissioned by June 30, 2025, with graded ISTS charges thereafter. Additionally, initiatives like the establishment of Ultra Mega Renewable Energy Parks aim to provide RE developers with readily available land and transmission infrastructure on a plug-and-play basis.
The launch of the National Green Hydrogen Mission is another significant step, with the overarching goal of positioning India as a key hub for Green Hydrogen production and exports. These measures collectively underscore India's commitment to enhancing renewable energy production, aligning with global efforts to transition towards sustainable and eco-friendly energy sources.
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