The Board of Directors of JSW Energy Ltd. has approved the re-organisation of the company’s renewable and thermal businesses.
As a result of this re-organisation, all the existing and upcoming renewable energy businesses will be housed under JSW Energy Neo Ltd., a wholly owned subsidiary of the company.
“This move will help the company in building and streamlining its renewable portfolio and setting up a holding structure which is efficient for fund-raising and unlocking value for shareholders,” JSW Energy said in a statement.
Prashant Jain, Joint Managing Director and CEO said: “JSW Energy has laid out a growth plan to reach 20 GW of power generation capacity by 2030, with about 85% of this capacity via renewable energy.”
“With our healthy balance sheet and proven project execution expertise, we are one of the best positioned companies in the sector to undertake robust growth plans in the renewable energy space,” he said.
At present, JSW Energy has 4,559 MW of installed capacity across thermal (3,158 MW), and hydro and solar (1,401 MW).
JSW Neo Energy will be the vehicle for JSW Energy to drive the company’s growth plans in renewable energy – across Generation, Energy Storage and Green Hydrogen.
The operational hydro projects (Karcham: 1,091 MW, and Baspa II 300 MW) and all upcoming renewable energy projects will be housed in subsidiaries under JSW Neo Energy.
Currently, about 2,458 MW of renewable projects are under-construction: 2,218 MW of wind and solar projects, for which PPA have already been signed, 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, the company said.
With the commissioning of these projects, the company’s total generation capacity will increase to 7GW.
