Shares of JSW Energy were trading in the green and 5% higher on 5 February after the company’s subsidiary secured a LoA worth Rs 67.6 crore.

In its regulatory filing, the company said that a wholly-owned subsidiary of the company, JSW Neo Energy Limited, has received a LoA (Letter of Award) for setting up 6.5 kilotonnes per annum of green hydrogen from Solar Energy Corporation of India Limited under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme.

The company has to commission the facility within 36 months from the date of LoA and for a total consideration of Rs 67.6 crore.

The filing added, “This aligns with the company’s sustainability goals and contributes to India’s net-zero ambitions.”

The company has set a target to reach 20 gigawatt generation capacity and 40 gigawatt hours of energy storage capacity by 2030.

The company was established in 1994 and is engaged in the business of generating and selling power in India. The company has a power generation capacity of more than 6,500 megawatts and operates in states including Maharashtra, Gujarat, Karnataka, Tamil Nadu, Rajasthan, West Bengal, and many more.

At 3:30 pm, the shares of JSW Energy closed 1.68% higher at Rs 491 on NSE.