JSW Renew Energy Three signs power purchase deal with Solar Energy Corp

10 May 2023 CW Team

On May 8, shares of JSW Energy rose by 5 per cent in response to news that JSW Renew Energy Three, the company's step-down subsidiary, had signed a power purchase agreement with Solar Energy Corporation of India.

According to the company's exchange filing, the agreement is for 300 MW ISTS-connected wind power projects that were awarded under SECI Tranche-XII. A power purchase agreement is in place for the 25-year supply of electricity at a rate of Rs. 2.94 per KWh.

According to the statement, the project will be completed in Maharashtra within the next 24 months.

JSW Energy’s share price is breaking out of a falling trendline which is the first sign of higher prices, said Manish Shah, Independent Market Expert. He further added that the 50-day moving average is curling up suggesting increasing momentum. Resistance is at Rs 278-280. Once this level is surpassed price can move higher to Rs 310 and above that to Rs 355. Shah suggests buying the stock with a stop loss below Rs 250.

In the past three months, the stock has risen close to 20 per cent while it has shot up over 550 per cent in the past three years.

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