The scrip fell to a low of Rs 305 as against the previous close of Rs 318.85 on the BSE.
The move to re-organise will result in all existing and upcoming renewable energy businesses being housed under an entity called ‘JSW Energy Neo Limited’, which will be a wholly owned subsidiary of the JSW, the company said in a statement.
The decision is in line with an announcement made by the company in July and the step is seen helping JSW to build and streamline its renewable portfolio while setting up a holding structure which is efficient for fund-raising and unlocking value for shareholders, a PTI report quoted the company as saying.
JSW Energy currently has 4,559 Mega Watts of installed capacity across thermal, which accounts for 3,158 Mega Watts and hydro and solar, which accounts for 1,401 Mega Watts.
The company has unveiled a plan to reach 20 Giga Watt capacities by 2030, with the share of renewable energy in the portfolio rising 85 per cent, up from 30 per cent recently.
The wholly-owned JSW Neo Energy shall be the vehicle for JSW Energy to propel the company’s growth plans in renewable energy via Generation, Energy Storage and Green Hydrogen, the company said.
JSW’s operation hydro projects and all the upcoming renewable energy projects shall be housed in subsidiaries under JSW Neo Energy. At present, around 2,458 Mega Watts of renewable projects are in the process of construction.
