Shares of JSW Energy Ltd dropped as much as 2.5% on Tuesday despite its subsidiary winning a 500 megawatt (MW) wind project from Solar Energy Corporation of India (SECI).

JSW Energy’s wholly-owned subsidiary, JSW Neo Energy, received a Letter of Award (LoA) for a wind capacity of 500 MW from Solar Energy Corporation of India Limited (SECI). The order could enhance the company’s total awarded capacity by 525 MW to a maximum of 1,025 MW. 

The contract was won in a tariff-based competitive bid for setting up a 1,350 MW ISTS-connected Wind Power Project (Tranche – XVI) with a 700 MW greenshoe option. 

JSW Energy currently has 7.2 GW of installed generation capacity and expects to have 9.8 GigaWatt (GW) by the end of the calendar year 2024. With this order, its total locked-in capacity increases to 10.3 GW.

In other news, JSW Energy also clarified the exchange filing, confirming that it has no plans to invest Rs 40,000 crore for an Electric Vehicle (EV) and battery plant in Odisha. 

Shares of JSW Energy opened higher at 502.95. However, the stock lost all early gains and was trading 2.02% lower at Rs 487.10 at 11:36 am on the National Stock Exchange (NSE).