JSW Energy spurts as its arm secures green hydrogen production facility under SIGHT Scheme
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JSW Energy is currently trading at Rs. 497.80, up by 14.70 points or 3.04% from its previous closing of Rs. 483.10 on the BSE.
The scrip opened at Rs. 488.45 and has touched a high and low of Rs. 497.90 and Rs. 485.85 respectively. So far 96896 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 518.65 on 23-Jan-2024 and a 52 week low of Rs. 204.80 on 27-Feb-2023.
Last one week high and low of the scrip stood at Rs. 511.45 and Rs. 479.90 respectively. The current market cap of the company is Rs. 81510.13 crore.
The promoters holding in the company stood at 73.38%, while Institutions and Non-Institutions held 17.86% and 8.76% respectively.
JSW Energy’s wholly owned subsidiary -- JSW Neo Energy has secured capacity allocation of 6.5 KTPA for setting up of green hydrogen production facility in the first-ever auction conducted by Solar Energy Corporation of India (or ‘SECI’) under the Strategic Interventions for Green Hydrogen Transition (or SIGHT) scheme.
The company has received Letter of Award (LoA) from SECI and the capacity is to be commissioned within 36 months from the date of LoA. This will entail incentive for a period of three years from commissioning to the tune of Rs 67.6 crore. This aligns with the company’s sustainability goals and contributes to India's net-zero ambitions.
The win strengthens JSW’s position as a pioneer and provides an early mover advantage in green hydrogen space. The Company has set a target to reach 20 GW generation capacity and 40 GWh of energy storage capacity by 2030. With a total capacity of 9.8 GW (including under-construction) the company is well placed to achieve its near-term target of 10 GW by 2025. In addition, the Company has currently locked in 3.4 GWh of energy storage capacity by means of battery energy storage system and hydro pumped storage project. JSW Energy has set an ambitious target for 50% reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050.
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.
