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JSW Neo Energy Ltd receives LoI for 126 MW Chhatru HEP from Govt. of Himachal Pradesh
Posted On : 2022-10-11 15:01:37( TIMEZONE : IST )
JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy Limited, has received a Letter of Intent from the Government of Himachal Pradesh for allotment of 126 MW Chhatru Hydro Electric Power Plant (HEP) on BOOT basis, with an operational life of 40 years.
Subsequently, JSW Energy's platform capacity now stands at ~9.2 GW (share of renewables at 66%) including 1.75 GW renewable assets under acquisition from Mytrah and about 2.7 GW of under-construction/in-pipeline wind and hydro projects which are likely to be commissioned in phased manner. The company is well ahead of timelines in achieving its near-term capacity target of 10 GW by FY25.
Prashant Jain, Joint Managing Director and CEO of JSW Energy, said: "We are pleased to have received LoI from Government of Himachal Pradesh for allotment of 126 MW Chhatru HEP to JSW Neo Energy Ltd. This is another step in our renewable led growth strategy and we will continue to contribute meaningfully in achieving India's renewable and net-zero ambitions".
JSW Energy has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy. The Company has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to ~85%. Around 2.7 GW of renewable energy projects are currently under-construction/in-pipeline, wind projects of 1.26 GW tied with SECI, are expected to be fully commissioned in the next 12-18 months. Further, the company has received LoA for 300 MW project from SECI under its tranche XII auctions and with the acquisition of Mytrah Energy's 1.75 GW RE assets, total platform capacity will increase to 9.2 GW.
JSW Neo Energy limited, a wholly owned subsidiary of JSW Energy Limited, is a vehicle formed as a part of re-organisation of business to own all the renewable/green and new energy businesses. The company is evaluating opportunities to foray into emerging energy businesses of hydro pumped storage, battery energy storage, green hydrogen, and becoming an energy products & services company.
