JSW Energy has issued clarifications regarding its Extraordinary General Meeting (EGM). The EGM addressed the preferential issue of equity shares and warrants. NSE requested clarifications on the utilization of funds, particularly concerning subsidiary allocations for renewable energy projects, thermal power projects, and capacity additions. The company aims to achieve 30 GW generation capacity and 40 GWh/5 GW energy storage by 2030.
Subsidiary Fund Utilization
JSW Energy clarified the utilization of funds by its subsidiaries following queries related to the preferential issue of equity shares and warrants.
JSW Neo Energy Limited
Funds allocated to JSW Neo Energy Limited will be directed towards renewable generation and energy storage projects. These include pumped storage and battery energy storage systems currently under development. The investment aligns with the company’s target of achieving 30 GW of generation capacity and 40 GWh/5 GW of energy storage by 2030. The funds will cover project development expenditure, acquisition/development of storage assets, related capital expenditure, and working capital requirements.
JSW Thermal Energy Limited
JSW Thermal Energy Limited will utilize funds in connection with its 1600 MW Thermal Power Project in Salboni, West Bengal. This includes covering preliminary development costs, early-stage capital expenditure, and associated project-level equity contributions.
JSW Energy (Utkal) Limited
JSW Energy (Utkal) Limited will allocate funds towards capacity addition in its thermal power plant in Jharsuguda, Odisha. The focus is on generating and selling electricity from domestic coal, which will enable the overall portfolio to deliver firm and dispatchable power.
Warrant Proceeds Utilization
The utilization of proceeds from warrants will be completed within 1 year from the date of receipt of the funds. The company intends to deploy net proceeds raised from the preferential issue of warrants toward the purposes stated in the EGM Notice, with an indicative timeline of up to one year from the date of receipt of such proceeds.
Source: BSE
