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ICICI Securities Report
JSW Energy Ltd.’s board has approved the reorganisation of the company’s green and grey businesses. Its renewable energy business (operational: 1,391 mega watt hydro and 10MW solar; under construction: 240MW hydro and 2,218MW of solar and wind) will be housed under a new wholly-owned subsidiary – JSW Neo Energy.
The thermal business (3,158MW) will continue to be part of JSW Energy.
Other green ventures – energy storage, green hydrogen, green ammonia – will be undertaken through JSW Neo Energy.
We estimate JSW Energy’s FY24E/FY26E Ebitda at Rs 43.8 billion/Rs 50.8 billion, of which, contribution from the green business will be more than 62%.
Though there is immense potential for capacity addition in the RE space, we would be more comfortable assigning a higher multiple to RE platform once the overall annual bidding picks up from 10 giga watt to 25-30GW.
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