JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, has received a Letter of Intent from the Himachal Pradesh government for the allotment of 126 MW Chhatru Hydro Electric Power Plant (HEP).
The plant, to be developed on (build, own, operate and transfer) BOOT basis, is expected to have an operational life of 40 years, the company said in a statement on Tuesday.
JSW Energy's capacity now stands at 9.2 GW (share of renewables at 66 per cent) including 1.75 GW of 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 a phased manner.
The statement said that the company is well ahead of timelines in achieving its near-term capacity target of 10 GW by FY25.
"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," said Prashant Jain, Joint Managing Director and CEO of JSW Energy on receiving the project from the Himachal Pradesh government.
For the record, the company has set an ambitious target for a 50 per cent reduction in its carbon footprint by 2030 and achieving Carbon Neutrality by 2050.
"The Company has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to ~85 per cent," it said.
The company is evaluating opportunities to foray into emerging energy businesses of hydro-pumped storage, battery energy storage, and green hydrogen, and becoming an energy products & services company.
( With inputs from ANI )
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