JSW Energy to convert thermal plants into legal entities for sale

02 Aug 2021 CW Team

JSW Energy plans to make its thermal power plants into a separate legal entity for selling them in the long haul.

Currently, the firm has 4,559 MW of production capacity. Out of which 3,158 MW is thermal power, 10 MW is solar power, and 1,391 MW is hydropower. JSW Energy previously decided to develop capacity only by green power.

Prashant Jain, Joint Managing Director, JSW Energy, told the media that the firm decided to choose legal and financial advisors to restructure grey and green energy business into individual entities to improve stakeholder's value proposition.

He said that the future of the energy business is within green power, and JSW is prepared to get into it.

Binding financial sources to fossil fuel-fired plants is growing difficult and has turned into a pricey affair because lenders turn Environment, Social and Governance (ESG) score-conscious.

Jain informed that JSW Energy has succeeded in bringing down the interest rate from 8.67% to 8% through pre-paying rupee debt.

JSW Hydro Energy, the firm's wholly-owned subsidiary, raised Rs 5,187 crore by green bonds priced at 4.12% to eliminate high-cost debt.

Recently, JSW Future Energy, another wholly-owned subsidiary of JSW Energy, collaborated with Australian Fortescue Future Industries Pty to divide hydrogen and oxygen from water and utilise them for industrial purposes.

Soon, the ESG score of every business would become necessary, such as the profit they produce as lenders, including banks, that lend to corporates would be ranked based on the ESG score of its borrowers.

Sajjan Jindal, Chairman, JSW Group, also informed the media that the firm would transform its generation portfolio to 70% renewable by FY2025.

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Also read: JSW Energy plans to add 2,600 MW RE capacity by 2023

Also read: JSW Hydro Energy raises $707 mn via dollar green bonds

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