Shares of JSW Energy Ltd. ended the day nearly 2% down after reaching a day’s high of Rs 703.50 on 17th October, despite the firm announcing that its subsidiary had signed its first power purchase agreement (PPA) for wind-solar hybrid capacity in Gujarat.

In a stock exchange filing, the firm announced that its step-down subsidiary, JSW Renew Energy Seventeen Ltd., has signed its first power purchase agreement (PPA) for a hybrid power project with Gujarat Urja Vikas Nigam Ltd (GUVNL).

The agreement includes the supply of 192 MW of hybrid energy, consisting of wind and solar, at a tariff of Rs 3.27 per kWh for 25 years, as JSW Energy informed the bourses.

This project is expected to be commissioned within 2 years and connected to Gujarat’s State Transmission Utility (STU). This power purchase agreement (PPA) represents a significant step for JSW Energy in expanding its renewable energy portfolio.

JSW Energy has a project pipeline of 8.3 GW, with PPAs signed for 3.2 GW capacity. They aim to increase its total generation capacity to 20 GW by 2030.

Currently, JSW Energy’s total locked-in capacity is 18.2 GW, which includes 7.7 GW of operational projects, 2.1 GW under construction, and an 8.3 GW renewable energy pipeline.

The firm has secured 16.2 GWh of energy storage capacity through battery systems and hydro-pumped storage projects. Its long-term goals are to reach 40 GWh and achieve carbon neutrality by 2050.

Their focus on hybrid energy solutions aligns with the country’s growing demand for sustainable power.

At 3:30 PM, the shares of JSW Energy closed 1.51% lower at Rs 678.90 on NSE.

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