Shares of JSW Energy Ltd fell 1% after hitting a day’s high of Rs 532.85 on 25th July. This occurred even as the company announced that its wholly-owned subsidiary, JSW Neo Energy Ltd, has signed a power purchase agreement with the Solar Energy Corporation of India for the supply of 230 MW of ISTS-connected firm and dispatchable renewable energy (FDRE).

JSW Energy’s deal with SECI falls under the FDRE Tranche IV scheme. With this, the company’s total under-construction capacity has reached 12.9 GW. Additionally, its total locked-in generation capacity now stands at 30.2 GW.

The company said it is on track to meet its goal of 30 GW installed generation capacity. It also aims for 540 GWh of energy storage by 2030.

“With this project, we are strengthening our energy offerings while supporting India’s energy transition,” said Sharad Mahendra, Joint MD and CEO of JSW Energy.

Earlier in July, its step-down subsidiary JSW Renew Energy Thirty Seven signed a storage deal with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RVUNL). The agreement was for a 250 MW/500 MWh standalone battery energy storage system.

The project will follow a build-own-operate model. Under the 12-year deal, RVUNL will buy storage services at a tariff of Rs 2,24,000 per MW per month. This is supported by viability gap funding to make the project more cost-effective.

At 10:05 AM, the shares of JSW Energy were trading 1.14% lower at Rs 526.50 on NSE.

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