JSW Energy board has approved the restructuring of Green (Renewable) and Grey (Thermal) businesses. In addition, the company announced that the existing and upcoming renewable energy businesses will be placed under JSW Energy Neo, its wholly-owned subsidiary. 

It is aligned with the announcement that the company made on 30th July 2021, stating the approval received by the board on 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 2021, JSW Hydro Energy had issued green bonds of $ 707 million, which was the largest hydro green bond issuance in Asia," a company statement said.

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 percent of this capacity via renewable energy (up from 30 per cent currently)."

The company now has 4,559 Mw of installed capacity, of which thermal contributes 3,158 Mw, hydro and solar contributes 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."

JSW said that about 2,458 Mw of renewable projects are undergoing construction, including 2,218 MW of wind and solar projects. For this, Power Purchase Agreements (PPAs) have already been signed and are likely to be commissioned in the next 1.5- 2 years, while the 240 MW Kutehr hydro project may get commissioned in the next 3-3.5 years.

After the completion of these projects, JSW Energy's overall generation capacity will climb to almost 7 GW, with renewable energy accounting for nearly 55% of total capacity.

JSW Energy is working in line with reducing its carbon footprint by half by 2030 and attaining carbon neutrality by 2050 by shifting to renewable energy, according to the company.