JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, received a Letter of Intent (LoI) from the Himachal Pradesh Government for a Hydroelectric power plant.
The 126 MW Chhatru Hydro Electric Power Plant was awarded to the company on a build, own, operate, and transfer (BOOT) basis.
With the Himachal hydropower plant, JSW Energy’s total capacity now stands at 9.2 GW. Of this, renewables contribute 66 percent, including 1.75 GW of renewable assets under acquisition from Mytrah, and about 2.7 GW of under-construction wind and hydro projects.
Prashant Jain, Joint Managing Director and CEO of JSW Energy, said the LoI for the Himachal plant is another step in the renewable-led growth strategy. “We will continue to contribute meaningfully in achieving India’s renewable and net-zero ambitions,” he said in a release.
JSW Energy has set a target for a 50 percent reduction in its carbon footprint by 2030. It aims to achieve carbon neutrality by 2050 by transitioning towards renewable energy.
The company has plans to achieve 20 GW capacity by 2030, with renewable energy’s share increasing to about 85 percent.
JSW Neo Energy is a vehicle formed as a part of the re-organisation of business to own all the renewable/green and new energy businesses.
The company is evaluating opportunities to foray into the emerging energy businesses of hydro-pumped storage, battery energy storage, and green hydrogen. It aims to become an energy products and services company.
Shares of JSW Energy are trading 5.3 percent lower at Rs 326.80.
(Edited by : Rukmani Krishna)
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