JSW Energy has announced its Board of Directors has approved the re-organization of the Company’s green (renewable) business and grey (thermal) business. Accordingly, the company will house its renewable energy business under ‘JSW Neo Energy Limited,’ a wholly-owned subsidiary of the company, while the thermal business will continue to be housed in the Company.
JSW Neo Energy Limited will drive JSW Energy’s growth plans in renewable energy – across generation, energy storage, and green hydrogen.
At present, JSW Energy has 4,559 MW of installed capacity across thermal (3,158 MW), hydro (1,391 MW), and solar (10 MW). The company aims to reach 20 GW capacity by 2030, with the entire capacity addition being driven by renewable energy. With this, the share of renewable energy in the company’s operational portfolio will increase to 85% from 30% currently.
Currently, around 2,458 MW of renewable projects are under construction. Out of this, 2,218 MW of wind and solar projects, tied with SECI and JSW Group, are expected to 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.
In new growth areas, JSW Energy is conducting scoping work for a pilot project on the production of green hydrogen and utilizing it for green steel making, hydrogen based mobility, green ammonia and other applications. The company has also signed MoUs with the Maharashtra government for 5 GW wind and 1.5 GW pumped hydro storage projects.
The re-organization will take place through the transfer of 100% of the equity shares held by JSW Future Energy Limited in JSW Renew Energy (Kar) Limited and JSW Renewable Energy (Dolvi) Limited, to JSW Neo Energy Limited. Also, JSW Future Energy Limited will be merged with JSW Neo Energy Limited under a scheme of amalgamation to be approved by NCLT, wherein all the assets and liabilities of JSW Future Energy Limited will be transferred to JSW Neo Energy Limited. Further, 100% of the equity shares held by JSW Hydro Energy Limited in JSW Energy (Kutehr) Limited will be transferred to JSW Neo Energy Limited. Besides, 100% of the equity shares held by the Company in JSW Hydro Energy Limited will be transferred to JSW Neo Energy Limited.
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