JSW Energy in advanced stages to finalise investors in arm JSW Neo: Exclusive
The sources also said that funds in the Middle East, with an interest in renewables are keen on a stake in the arm.
An interesting deal is brewing in the utilities space. JSW Energy is in advanced stage to finalise investors in its arm JSW Neo, sources with knowledge of the matter told CNBC-TV18.
The sources also said that funds in the Middle East, with an interest in renewables are keen on a stake in the arm. Among these, include prominent investors in Qatar, who are eyeing a stake in JSW Neo.
JSW Neo, according to the sources, are likely to raise close to $1 billion in tranches. The unit plans on using the funds to meet its ambitious renewables target.
JSW Energy offered no comments to CNBC-TV18 on this story.
What Is JSW Neo?
JSW Neo mainly houses the renewable assets of JSW Energy. The unit has a portfolio of 5,924 MW as of the September quarter and is targeting 10 GW of generation capacity ahead of the 2025 timeline with foray into the new age business.
JSW Energy is present across power generation, energy storage and emergy products & services businesses.
The company has also signed MoUs with JSW Steel to set up renewable generation capacity of 6.2 GW and energy storage projects of 2.7 GWh, which will be progressively developed by 2030.
In an interaction with CNBC-TV18 on October 25, JSW Energy's Prashant Jain said that the company is looking to evaluate all kinds of proposals for unlocking value in JSW Neo but are not working with a strict timeline for the same.
Shares of JSW Energy have recovered from the day's low and are currently trading 0.5% higher at ₹483.
(Edited by : Hormaz Fatakia)
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