Renewable energy will account for over half of JSW Energy’s power generation portfolio in the medium term, according to Prashant Jain, Joint MD & CEO, JSW Energy Ltd.
Jain said that the company’s current installed capacity is around 4.6 GW out of which about 30 per cent was from renewable energy sources. The current renewable energy projects pipeline is 2.6 GW, comprising wind, solar, and hydropower. This pipeline would get commissioned in the next 24-30 months, after which the share of renewable in JSW Energy’s portfolio would be over 55 per cent.
Bond issue
Prashant Jain said this in a release announcing the successful completion of a international bond issue, raising $707 million through “Fixed Rate Senior Secured Green 144A/Reg S” bonds with a tenure of 10 years and a coupon rate of 4.125 per cent. The bonds were raised by JSW Hydro Energy Ltd, a wholly-owned subsidiary of JSW Energy Ltd.
”This fundraise will enable us to further strengthen and diversify our sources of funding and we look forward to strengthening our partnership with global investors as we continue to build and grow our renewable energy business,” noted Prashant Jain who is also the Chairman of JSW Hydro Energy Ltd.
Proceeds from this issue would be used towards repayment of existing green project-related Rupee-denominated debt.
Also read: JSW Steel Proposes CRGO Steel Mfg Unit In JV With JFE
SECI-IX auction
It may be recalled that JSW Energy very recently signed a power purchase agreement with SECI for 540 mw out of the total 810 mw of capacity contracted under the SECI-IX auction. (Read more).
Featured photograph shows the 1,000-mw Karcham Wangtoo hydropower project, owned by JSW Hydro Energy Ltd, in Himachal Pradesh. The Central Electricity Authority (CEA) very recently permitted uprating of the plant’s capacity by 9 per cent. This would increase the installed capacity to around 1,091 mw, in a phase manner over two years.
