JSW Energy announced that wholly owned subsidiary JSW Neo Energy had received a letter of intent (LoI) from Himachal Pradesh’s government for the allotment of 126 MW Chhatru Hydro Electric Power Plant (HEP). Also, the project was awarded on a BOOT basis with an operational life of 40 years.

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The company has to evaluate opportunities to foray into emerging energy businesses of hydro-pumped storage, green hydrogen, becoming an energy products & services company and battery energy storage. India’s private sector power producer is part of the $22 billion JSW group. This company will help generate power with diversified power generation and transmission assets.

On a consolidated basis, JSW energy’s net profit surged 178.7 per cent to Rs 560.43 crore in the June quarter of 2022 compared with  Rs 201.10 crore in the June quarter of 2021. Net sales climbed 75.2 per cent yearly to Rs 3,026.27 crore in the first quarter of FY23. On the Bombay Stock Exchange (BSE), the scrip fell 3.95 per cent in the recent trade at Rs 332.05.