The board of JSW Energy has approved the reorganisation of green (renewable) and grey (thermal) businesses, the company said on Thursday.

As a result of this re-organisation, all the existing and upcoming renewable energy businesses will be housed under ‘JSW Energy Neo Limited’, a wholly-owned subsidiary of the company, JSW Energy said in a statement.

This is in line with the announcement made by the company on July 30, 2021 stating that the board had approved the evaluation of re-organisation of Green and Grey businesses, it stated.

This move will help the company in building and streamlining its renewable portfolio and setting up a holding structure which is efficient for fund-raising and unlocking value for shareholders, it stated.

In May 2021, JSW Hydro Energy had issued green bonds of $707 million, which was the largest hydro green bond issuance in Asia.

Prashant Jain, joint managing Director and CEO of JSW Energy, said, “JSW Energy has laid out a growth plan to reach 20 GW of power generation capacity by 2030, with about 85 per cent of this capacity via renewable energy.

“With our healthy balance sheet and proven project execution expertise, we are one of the best positioned companies in the sector to undertake robust growth plans in the renewable energy space.”