JSW Energy Subsidiary To Purchase Reliance Power's Wind Project For Rs 132 Cr
JSW Renewable Energy Coated Limited, a subsidiary of JSW Neo Energy Limited, has sealed a deal to acquire a 45 MW renewable energy generation capacity from Reliance Power Limited for Rs 132 crore.
Located in Jath, Sangli District, Maharashtra, the power project stands as a testament to the growing emphasis on renewable energy sources. The transaction, valued at Rs 132 crore, includes adjustments for net working capital, ensuring a smooth transition of ownership.
The agreement for the business transfer has been formalised between the involved parties, pending customary approvals standard for a transaction of this magnitude. With this acquisition, JSW Renewable Energy expands its portfolio, furthering its contribution to India's renewable energy landscape.
JSW Energy, the parent company, currently boasts a total locked-in generation capacity of 12.5 GW, comprising operational capacity of 7.2 GW and 2.6 GW under construction across wind, thermal, and hydro segments. Additionally, the company holds Letters of Award/Letters of Intent for an additional 2.7 GW capacity from various entities.
Further, JSW Energy possesses 3.4 GWh of locked-in energy storage capacity through a battery energy storage system and a hydro-pumped storage project. With ambitious goals in mind, the company aims to achieve a total generation capacity of 20 GW and 40 GWh of energy storage capacity before 2030.
JSW Energy's vision extends beyond expansion; it is reportedly looking to contribute significantly to environmental sustainability. With a target of achieving carbon neutrality by 2050, the company is aligning its operations with global efforts to combat climate change.
