JSW Energy has reorganised its Green (Renewable) and Grey (Thermal) businesses.
All the existing and upcoming renewable energy businesses will be housed under JSW Energy Neo, its wholly-owned subsidiary. This is in line with the announcement made by the company on 30 July 2021.
JSW Energy has laid out a growth plan to reach 20 GW of power generation capacity by 2030, with about 85 percent of this capacity via renewable energy (up from 30 percent currently).
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 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.
Around 2,458 MW of renewable projects are currently under construction. This includes 2,218 MW of wind and solar projects for which power purchase agreements (PPAs) have already been signed, and 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.
With the commissioning of these projects, the company’s total generation capacity will increase to approximately seven GW, with the share of renewable energy increasing to about 55 percent.
JSW Energy has set an ambitious target for 50 percent reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy.