NEW DELHI: Sajjan Jindal's JSW Energy Ltd on Wednesday informed that its board has approved reorganisation of green (renewable) and grey (thermal) businesses to streamline and build its renewable portfolio.
All existing and upcoming renewable energy businesses will be housed under JSW Energy Neo Ltd, a wholly-owned subsidiary of the company. The move, the company claim, will streamline its renewable portfolio and set up a holding structure which is efficient for fund-raising and unlocking value for shareholders.
"JSW Neo Energy Limited 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 Company's 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," said JSW Energy in a statement.
In May 2021, JSW Hydro Energy had issued green bonds of USD 707 million, which was the largest hydro green bond issuance in Asia. Right now, JSW claims to have 4,559 MW of installed capacity across thermal (3,158 MW), and hydro & solar (1,401 MW). It has laid out a growth plan to reach 20 GW capacity by 2030, with the share of renewable energy in the portfolio increasing to 85 per cent, up from 30 per cent currently.
"JSW Energy has laid out a growth plan to reach 20 GW of power generation capacity by 2030, with about 85 per cent of this capacity via renewable energy. Given our plans, we are strategically re-organising our Company to more effectively support our growth strategy and to help unlock value for shareholders," said JSW Energy CEO Prashant Jain.