JSW Energy announced this week that it will raise up to INR 5,000 crore (over $599 million) by selling shares to institutional investors.
The company’s board of directors has approved a qualified institutional placement of equity shares with face value of INR 10 each to the eligible investors for an aggregate amount not exceeding INR 5,000 crore in one or more tranches subject to such regulatory/statutory approvals as may be required, the company stated in a stock exchange filing. The floor price for the QIP is set at INR 510.09 per share.
JSW Energy targets a 50% reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050.
The company has signed PPA for 500 MWh out of the total 3.4 GWh of locked-in energy storage capacity from battery energy storage system and hydro pumped storage projects. It expects to have 9.8 GW of operational generation capacity by CY2024, up from the current operational capacity of 7.2 GW. It targets 20 GW generation capacity and 40 GWh of energy storage capacity before 2030.
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