JSW Energy

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JSW Neo Energy on Friday said it has bagged a 300 MW pumped hydro storage project from Power Company of Karnataka Ltd (PCKL). "JSW (Neo) Energy receives LoI (letter of intend) for 300 MW Hydro PSP from PCKL," a JSW Energy statement said. It further said that JSW Neo Energy Ltd (JSW Neo), a wholly-owned subsidiary of JSW Energy, has received a letter of intent from PCKL for procurement of 2,400 MWh (300 MW x 8 hours) energy storage from the pumped hydro storage project (PSP). The LoI is for providing storage capacity for 40 years. The project will be located in Karnataka and designed for eight hours of storage capacity per day. Prashant Jain, Joint Managing Director and CEO of JSW Energy, said, "We are excited to bag our first hydro pump storage project and we have already secured resources for 64 GWh of hydro PSP across various states". This is our second utility-scale storage project in addition to 'Battery Storage' secured under a competitive bidding process, he added. The com

JSW Energy on Wednesday said it has completed the acquisition of 1,753 MW of renewable energy assets from Mytrah Energy (India) Private Limited (MEIPL) for over Rs 10,000 crore. "The transaction values the Mytrah Energy portfolio at an enterprise valuation of approximately Rs 10,150 crore after adjusting for net current assets and other adjustments under the share purchase agreements," JSW Energy said in a statement. JSW Neo Energy Limited (JSW Neo), a wholly-owned subsidiary of JSW Energy Limited, in a two-step process has completed the acquisition of 1,753 MW of renewable energy assets from Mytrah Energy, it added. The portfolio comprises 1,331 MW of wind capacity and 422 MW (487 MWp DC) of solar capacity operating primarily in the southern, western and central parts of India. The assets have a proven operational track record and long-term PPA with an average remaining life of 17 years. This is the largest acquisition made by JSW Energy since inception and will leapfrog the curr

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JSW Energy board on Wednesday approved allotment of 25,000 non-convertible debentures (NCD) on a private placement basis to raise Rs 2,500 crore. "Finance Committee, at its meeting held on 15th March 2023, approved the allotment of 25,000 Unsecured, Redeemable, Rated, Listed, Taxable, Non-Convertible Debentures of Rs 1,00,000 (Rupees One Lakh) each aggregating to Rs 250,00,00,000," a BSE filing stated. The Board of Directors on October 28, 2022, approved the NCD issue for the raising of funds up to Rs 2,500 crore by way of the private placement.

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Intermittency refers to irregular power supply from renewable sources, since they aren't always available; Projects from SECI first in this segment; will look at more, says company MD Prashant Jain

JSW Energy on Friday reported a 45 per cent decline in its consolidated net profit to Rs 180 crore for the December 2022 quarter. "(consolidated) Profit After Tax (PAT or net profit) stood at Rs 180 crore (in the quarter ended on December 31, 2022), which is lower YoY (year-on-year) compared to a PAT of Rs 324 crore in the corresponding period of the previous year," a company statement said. The company stated that during the quarter (October-December 2022), its total revenue increased by 18 per cent to Rs 2,350 crore from Rs 1,984 crore a year ago, due to higher realisation (as higher fuel costs are passed through in nature for LT PPAs (long term power purchase agreements). The EBITDA for the quarter was 18 per cent lower at Rs 727 crore vis-a-vis Rs 882 crore in the corresponding period of the previous year. It explained that the decrease is primarily due to lower short-term sales YoY, partly offset by the contribution from Vijayanagar Solar and higher other income in the ...

Energy storage system of 500 MW/1,000 MW means 500 MW of battery energy can provide power backup for two hours, giving total output of 1,000 MW

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JSW Energy on Wednesday said it has completed the acquisition of 700 MW Ind-Barath Energy (Utkal) for Rs 1,047.60 crore through insolvency proceedings. "Pursuant to the NCLT (National Company Law Tribunal) approval order, the resolution plan has now been implemented and the acquisition of Ind-Barath Energy (Utkal) Ltd is complete. The resolution amount of Rs 1,047.60 crore has been paid," a BSE filing said. Now, the company holds 95 per cent equity shares of Ind-Barath Energy (Utkal) Ltd and the secured financial creditors collectively hold the balance 5 per cent, as per the terms of the resolution plan. Consequent to this transaction, Ind-Barath Energy (Utkal) Ltd has become a subsidiary of JSW Energy. Earlier the company had intimated on July 26, 2022, that the NCLT Hyderabad had, vide order dated July 25, 2022, (NCLT Approval Order) approved the company's resolution plan submitted on October 3, 2019, under the corporate insolvency resolution process of Ind-Barath Energy, which i

JSW Energy has received the shareholders' approval to appoint Parth Jindal as a director on the company's board. He is the son of the company's Chairman and Managing Director Sajjan Jindal. The e-voting process for the resolution to appoint Parth Jindal as a director was started on November 23 and ended on December 22, according to the postal ballot notice. The resolution to appoint Parth Jindal has been passed with requisite majority, as per a regulatory filing. Presently, he is the managing director of JSW Cement Ltd, managing director of JSW Paints Pvt Ltd and founder of JSW Sports Pvt Ltd. Parth Jindal, who is 32 years, was appointed as an additional director of the company with effect from October 28. He joined the USD 22 billion-JSW Group in 2012 and prior to that, he spent two years working abroad. He was appointed as an economic analyst within the group's corporate strategy team.

JSW Energy arm JSW Energy (Barmer) Ltd has issued over 99 crore bonus shares worth Rs 995.90 crore. "JSW Energy (Barmer) Ltd, wholly-owned material subsidiary of the company, has completed a bonus issue of 99,59,09,996 fully paid-up equity shares of Rs 10 each amounting to Rs 9,95,90,99,960," according to a regulatory filing on Friday. Before the issuance of bonus shares, the company's share capital was 1,99,18,19,998 fully paid-up equity shares of Rs 10 each, amounting to Rs 19,91,81,99,980. The bonus shares are issued out of the Capital Redemption Reserve.

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Analysts see the renewable energy sector as a long-term structural play given the growing climate awareness and the government's efforts towards adoption of green energy sources

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JSW Energy has sought shareholders' approval to appoint Parth Jindal as a director on the company's board. Parth Jindal is the son of the company's Chairman an Managing Director Sajjan Jindal. The remote e-voting process for the resolution to appoint Parth Jindal as a director will start on November 23 and end on December 22, according to a postal ballot notice. Parth Jindal, who is 32 years, was appointed as an additional director of the company with effect from October 28. He earned his MBA from the Harvard Business School in 2016 and his Bachelor of Arts in Economics and Political Science from the Brown University in 2012. He joined the USD 22 billion- JSW Group in 2012 and prior to that, he spent two years working abroad. He was appointed as an economic analyst within the group's corporate strategy team. Presently, Parth Jindal is the managing director of JSW Cement Ltd, managing director of JSW Paints Pvt Ltd and founder of JSW Sports Pvt Ltd.