Reliance Power completes transfer of wind project to JSW Energy, stocks dip – EQ

In Short : “Reliance Power finalizes the transfer of a wind project to JSW Energy, resulting in a dip in stocks as the market reacts to the transaction, reflecting investor sentiment towards the company’s strategic moves.”

In Detail : At 10 am, Reliance Power was down, trading at Rs 26. JSW Energy also saw a slump of 1.29 percent and was trading at Rs 608.50.

Shares of Reliance Power fell nearly 5 percent during morning trade on the NSE on April 15 after the company had reported that it had completed the slump sale of its Vashpet, Maharashtra wind power project to JSW Renewable Energy. At 10 am, the stock was trading at Rs 26.

JSW Energy was also down 1.29 percent, trading at Rs 608.50.

In a regulatory filing on April 12, Reliance Power reported that it had “concluded the slump sale / transfer of its 45 MW Wind Power Project located at Vashpet, Maharashtra to JSW Renewable Energy (Coated) Limited and the consideration amounting to Rs. 132.39 crore had been received.” On March 27, it was reported that JSW Renewable Energy (Coated), which is a wholly-owned subsidiary of JSW Neo Energy and a step down subsidiary of the JSW Energy, had agreed to acquire the renewable energy generation capacity from Reliance Power.

Earlier, in January 2024, Reliance Power had also announced that it had signed an agreement to sell its 1,200 MW Kalai II hydroelectric project in Arunachal Pradesh for Rs 128.39 crore to THDC India. According to a filing, the purpose of entering into the agreement was to monetise the hydroelectric power project.