JSW Energy trades jubilantly on entering into MoU to set up hydro pumped storage project in Maharashtra
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JSW Energy is currently trading at Rs. 325.45, up by 32.30 points or 11.02% from its previous closing of Rs. 293.15 on the BSE.
The scrip opened at Rs. 301.50 and has touched a high and low of Rs. 331.15 and Rs. 298.50 respectively. So far 337089 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 408.70 on 14-Oct-2021 and a 52 week low of Rs. 182.00 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 331.15 and Rs. 286.55 respectively. The current market cap of the company is Rs. 53842.04 crore.
The promoters holding in the company stood at 74.69%, while Institutions and Non-Institutions held 15.35% and 9.96% respectively.
JSW Energy, through its wholly-owned subsidiary - JSW Neo Energy, has entered into a Memorandum of Understanding (MoU) with the Government of Maharashtra for setting up a 960 MW capacity Hydro Pumped Storage Project (PSP) viz. Pane (Raigarh) Pump Storage Project in the State of Maharashtra. With rapid addition of renewable energy capacity in the country, development of energy storage solutions such as Hydro PSP become essential to solve intermittent power supply from renewables. Hydro Pumped Storage is a well-established technology that provides adequate peaking power reserves, reliable grid operation, and energy balancing and storage capacity.
JSW Energy through its green growth vehicle JSW Neo Energy has been expeditiously securing key resources for Hydro PSPs in various resource rich states for projects with a targeted capacity totalling upto 10 GW. With the signing of the aforesaid MoU, the Company has secured resources for 6 GW hydro PSPs with the Governments of various states (Maharashtra, Chhattisgarh, Telangana, and Rajasthan)
JSW Energy’s platform capacity stands at around 9.1GW (share of renewables at 65%) including 1.75 GW renewable assets under acquisition from Mytrah and about 2.5 GW of under-construction/in-pipeline wind and hydro projects which are likely to be commissioned in phases over the next 12-24 months. Further, the company is well ahead of timelines in achieving its near-term capacity target of 10GW by FY25.
JSW Energy, part of the JSW Group, is a growing energy company. The Group has diversified interests in carbon steel, power, mining, industrial gases, port facilities, aluminium, cement and information technology.
