JSW Energy plans to add 2,600 MW RE capacity by 2023
Energy major JSW Energy is planning to add 2,600 MW renewable power generation capacity to its portfolio by 2023.
With this addition, the share of JSW's renewable power will increase to 55% of the overall portfolio from the present 30%.
Renewable projects such as wind, solar and hydel, will help the 4,600 MW power generation company reduce its carbon footprint.
JSW Solar Ltd, a wholly-owned subsidiary of JSW Energy, received a Letter of Awards (LoAs) for setting up a total blended wind capacity of 810 MW from Solar Energy Corporation Ltd (SECI).
The total project cost is expected to be Rs 4,700-4,800 crore. The project will be financed at a 70-30 debt-equity ratio.
JSW Energy (Kutehr) Ltd is developing a 240 MW hydropower capacity at a cost of Rs 2,750 crore to supply to the state of Haryana. The Haryana Electricity Regulatory Commission (HERC) has recently approved power procurement. The company has been in negotiations with the state distribution company for finalising the 35-year power purchase agreement (PPA).
The Central Electricity Authority (CEA) recently permitted the upgradation of the Karcham Wangtoo Hydro Electric Power Plant of JSW Hydro Energy from 1,000 MW to 1,091 MW.
JSW Energy on Tuesday said that its arm JSW Hydro Energy has raised Rs 5,161 crore through green bonds abroad. JSW Hydro Energy has priced the fixed-rate senior secured green 144A/Reg S Bond for a 10-year duration at 4.12%. The proceeds from the issuance will be used towards repayment of existing green project-related rupee-denominated indebtedness.
JSW Energy had reduced its net debt to Rs 6,719 crore from Rs 7,671 crore in the October-December 2020 quarter. The share price of the company has moved up 30% to Rs 120 in the last one month.