Shares of JSW Energy were trading 2% higher on 26 March after the company’s subsidiary announced that it would purchase a 45 MW Vashpet wind project from Reliance Power.

Reliance Power in Maharashtra has agreed to sell 45 megawatts (MW) of renewable energy-producing capacity to JSW Renewable Energy, a wholly-owned subsidiary of JSW Neo Energy and a step-down company of JSW Energy. The project is valued at Rs 132 crore in the sale after net working capital is subtracted.

The parties have signed a Business Transfer Agreement, but other typical approvals necessary for a deal of this magnitude are still pending.

With 7.2 gigawatt (GW) in operation, 2.6 GW in construction from wind, thermal, and hydro sources, and LoAs/LoIs for 2.7 GW capacity from SECI (Solar Tranche XIII and Wind Tranche XVI), SJVN, and GUVNL, JSW Energy has 12.5 GW of total locked-in generation capacity.

Along with battery energy storage systems that offer 3.4 gigawatt hours (GWh) of locked-in energy storage capacity, the company also owns hydro-pumped storage projects. The company aims to reach 40 GWh of energy storage capacity and 20 GW of generation capacity before 2030. JSW Energy has set a lofty target of becoming carbon neutral by 2050.

The company posted a 24.36% year-over-year growth in consolidated net profit for the third quarter from Rs 2,349.79 crore in the previous year to Rs 2,661.41 crore in the current quarter.

At 3:30 pm, the shares of JSW Energy shed all its early gains and closed 0.67% lower at Rs 512 on NSE.