JSW Energy has achieved a significant milestone, reaching a 52-week high in share price following the awarding of a major project to its subsidiary, JSW Neo Energy Limited.

The company's share price soared to Rs 651.55 at market open on April 22, propelled by the news that JSW Neo Energy Limited had secured a prestigious contract from NTPC to develop a 700 MW ISTS-connected solar power project.

This announcement was enthusiastically received by the market, highlighting the growing investor confidence in JSW Energy's capabilities and strategic direction.

At 9:34 am, JSW Energy's shares were trading at Rs 636.85, marking an increase of Rs 10.50, or 1.68 per cent, on the Bombay Stock Exchange (BSE).

This surge in stock value underscores the positive market response to the company's latest development.

JSW Neo Energy Limited received the Letter of Award (LoA) from NTPC Limited after participating in a competitive tariff-based bid aimed at establishing 1,500 MW of ISTS-connected solar power projects, known as NTPC-ISTS-II.

The receipt of this LoA marks a significant expansion in JSW Energy's project portfolio, particularly in the renewable sector.

The company's total generation capacity, which is now locked in, has expanded to 13.3 GW. This includes a diverse mix of energy sources, with 3.1 GW of solar power.

JSW Energy's current operational capacity stands at 7.2 GW, with plans to increase to 9.8 GW by the calendar year 2024.

This growth is supported by various projects under construction and others in planning stages across wind, thermal, and hydro sectors, as well as additional LoAs and Letters of Intent (LoIs) totalling 3.4 GW from multiple agencies including SECI, SJVN, GUVNL, and NTPC.

In addition to generation capacity, JSW Energy has also secured 3.4 GWh of energy storage capacity, which includes innovative solutions such as battery energy storage systems and hydro-pumped storage projects.

This development is part of the company's broader strategy to enhance its energy storage capabilities, aiming to reach 20 GW of generation capacity and 40 GWh of energy storage capacity by 2030.

These ambitious targets align with JSW Energy's commitment to achieving carbon neutrality by 2050, demonstrating its dedication to sustainable and responsible energy production.

Furthermore, JSW Energy has been actively involved in legal and commercial negotiations to strengthen its business framework.

On April 17, an exchange filing revealed that the Arbitral Tribunal had favoured JSW Energy's subsidiary, Ind-Barath Energy (Utkal) Limited (IBEUL), in its arbitration against Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO).

The tribunal awarded IBEUL a recovery of Rs 120 crore, along with interest, and dismissed TANGEDCO's counterclaims for penalties and termination charges.

This legal victory further solidifies JSW Energy's standing and operational stability in the energy sector, contributing to its positive financial outlook and robust growth trajectory.