JSW Energy's shares soared to a new all-time high of ₹740 apiece, gaining 2.25% in early morning trade after the company announced that its wholly-owned subsidiary, JSW Neo Energy Limited, received a Letter of Award (LoA) for a 300 MW ISTS-connected wind-solar hybrid power project from the Solar Energy Corporation of India Limited (SECI). This project is part of a tariff-based competitive bid for setting up 1,200 MW ISTS-connected wind-solar hybrid power projects (Tranche VIII).


With this new capacity award, JSW Energy's total locked-in capacity rises to 13.6 GW. The company anticipates increasing its installed generation capacity to 9.8 GW by CY24, up from the current 7.3 GW


This hybrid project enhances the company’s energy solution offerings and supports its transition towards becoming a comprehensive energy products and services provider.


JSW Energy's total locked-in generation capacity of 13.6 GW includes 7.3 GW operational, 2.6 GW under construction across wind, thermal, and hydro, and a pipeline of 3.7 GW. Additionally, the company has secured 3.4 GWh of energy storage capacity through a battery energy storage system and a hydro-pumped storage project.


JSW Energy is capitalizing on the significant clean energy market opportunities in India, positioning itself as a leader in the future hydrogen economy. The company has signed an offtake agreement with JSW Steel for 3,800 tonnes per year of green hydrogen and has been allocated 6,500 tonnes per year under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program.


In the energy storage sector, including hydro-pumped and battery energy storage, JSW Energy aims to achieve 40 GWh / 5 GW of capacity by 2030, aspiring to be a leading player in energy storage solutions.


Furthermore, the company is expanding into green hydrogen and its derivatives, such as green methanol, ethanol, and sustainable aviation fuel. It is also developing a value chain to secure its supply chain by venturing into solar module and wind turbine generator (WTG) manufacturing.


JSW Energy has set an ambitious goal to achieve carbon neutrality by 2050.


In April 2024, the company conducted its first equity raise since listing in 2010, securing ₹5,000 crores through a Qualified Institutions Placement (QIP). The proceeds from the QIP are allocated for repaying borrowings, investing in JSW Neo Energy Limited, and other general corporate purposes


In FY24, JSW Energy's net generation increased by 27% year-on-year (YoY) to 27.9 billion units (BUs), driven by higher renewable energy and thermal power generation. Total renewable generation surged by 54% YoY to 9.3 BUs, while thermal generation grew by 17% YoY.


Total revenue rose by 10% YoY to ₹11,941 crore in FY24. The company recorded its highest-ever EBITDA and the second-highest profit after tax (PAT) in its history.


EBITDA increased by 53% YoY to ₹5,837 crore, fueled by additions to its renewable energy asset base and strong performance in the thermal business. This led to a 17% YoY growth in PAT, reaching ₹1,723 crore in FY24.


Liquidity remained robust, with cash and cash equivalents of ₹4,691 crore as of March 2024. JSW Energy boasts one of the strongest balance sheets in the sector, providing the flexibility to pursue value-accretive growth opportunities, according to the company’s FY24 annual report.