JSW Energy jumped up 13% to an intraday high at Rs.331.15 and is currently among the top five gainers on the BSE. Its 52-week high stands at Rs.408.70.
The stock price surged after the company announced that JSW Neo Energy, its 100% subsidiary has entered into a Memorandum of Understanding with the Government of Maharashtra for setting up a 960 MW capacity of Hydro Pumped Storage Project viz. Pane (Raigarh) Pumped Storage Project.
With the signing of the aforesaid MoU, the Company has secured resources for 6 GW hydro PSPs with the Governments of various states (Maharashtra, Chhattisgarh, Telangana, and Rajasthan).
JSW Energy’s platform capacity stands at ~9.1GW (share of renewables at 65%) including 1.75 GW renewable assets under acquisition from Mytrah and about 2.5 GW of under-construction/in-pipeline wind and hydro projects which are likely to be commissioned in phases over the next 12-24 months. Further, the company is well ahead of timelines in achieving its near-term capacity target of 10GW by FY25.