JSW Energy’s board nods re-organisation of Green (Renewable) and Grey (Thermal) biz

This move will help the Company in building and streamlining its renewable portfolio and setting up a holding structure.

Nov 26, 2021 09:11 IST India Infoline News Service

JSW Energy
The Board of Directors of JSW Energy Limited has approved the re-organisation of the Company’s Green (Renewable) and Grey (Thermal) Businesses. As a result of this re-organisation, all the existing and upcoming renewable energy businesses will be housed under ‘JSW Energy Neo Limited’, a wholly owned subsidiary of the Company.

This is in line with the announcement made by the Company on July 30,2021 stating that the Board had approved the evaluation of re-organisation of Green and Grey businesses.

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. In May’21, JSW Hydro Energy had issued green bonds of USD 707 million, which was the largest hydro green bond issuance in Asia.

Prashant Jain, Joint Managing Director and CEO of JSW Energy, 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. Given our plans, we are strategically re-organising our Company to more effectively support our growth strategy and to help unlock value for shareholders”

At present, JSW Energy has 4,559 MW of installed capacity across thermal (3,158 MW), and hydro & solar (1,401 MW). The Company 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%, up from 30% currently.

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.

At around 9:29 AM, JSW Energy was trading at Rs313 apiece down by Rs5.85 or 1.83% on Sensex.

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