JSW Energy signs 591 MW wind turbine procurement contract with Senvion India

JSW Energy Limited ("JSW Energy or "the Company") has signed a contract with Senvion India ('Senvion'), a leading manufacturer of wind turbines, for procurement of 591 MW of onshore wind turbines for the company's under-construction pipeline of renewable energy projects. The supply of the turbines from Senvion will start by the second quarter of CY2022. The turbines will produce enough green energy to meet the annual electricity requirements of more than 450,000 households in the country.

Prashant Jain, Joint Managing Director and CEO of JSW Energy, said: "We are proud to partner with Senvion India, a high-tech industrial company, to contribute to India's renewable energy goals. Our company has set a target to reach 20 GW of power generation capacity by 2030, by when the share of renewables in our portfolio will increase to 85%. The ongoing projects are our first large scale wind power projects and we look forward to working with Senvion to achieve our completion targets."

Amit Kansal, MD & CEO, of Senvion India, said: "It is a very satisfying contract win from JSW Energy and Senvion is very thankful for the trust the JSW management has put in Senvion' solutions and team. The success of such project depends on preengineering and optimization which helps not only in winning but in execution later. The two teams are now working relentlessly to meet the commissioning timelines and to build a world class project. Senvion is fully committed to deliver world-class technology and significantly contribute towards the vision of Indian Government to achieve 450GW of installed renewable power in the country by 2030."

Jamal Wadi, Chairman of Senvion India / President & CEO of Alfanar's construction and renewable business globally sums it up: "The trust that JSW Energy has placed in Senvion India with the order is a testimony to the superior technology and performance of Senvion India's wind turbines. Alfanar is committed to strengthen Senvion India to deliver its projects on time with high quality standards and continuously evolve as the top technology OEM of Wind Technology."

JSW Energy has set an ambitious target for 50% reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy. The Company has set a target to reach 20 GW capacity by 2030, with the share of renewable energy going up to 85%, up from 30% currently. Around 2.5 GW renewable projects are currently under-construction: 2.2 GW of wind and solar projects, tied with SECI and the JSW Group, are expected be commissioned in the next 18-24 months, while the 240 MW Kutehr hydro project is expected to be commissioned in the next 36-40 months. With commissioning of these projects, the Company's total generation capacity will increase to ~7 GW, with renewable energy contributing more than 50%.

As a signatory to the Paris Climate accords, India has embarked on an ambitious target of achieving 450 GW of renewable energy by 2030. JSW Energy Limited has joined the global movement of leading companies that are aligning their business with the ambitious aim of the Paris Agreement, to limit global temperature rise to 1.5°C above preindustrial levels and reach net-zero value chain emissions by no later than 2050.

Shares of JSW Energy Limited was last trading in BSE at Rs. 380.5 as compared to the previous close of Rs. 386.55. The total number of shares traded during the day was 84029 in over 2843 trades.

The stock hit an intraday high of Rs. 393.8 and intraday low of 376. The net turnover during the day was Rs. 32372830.

Source : Equity Bulls

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