JSW Steel allocates Rs 100 billion for greening its operations

JSW Steel has allocated Rs 100 billion for targeted investments to reduce the company’s carbon footprints. To do so, the company plans to gradually replace its thermal power use by renewables. The company plans to enter in a group captive model by signing a 25-year power purchase agreement with JSW Energy created special purpose vehicles (SPVs) to procure renewable energy. It will own a 26 percent stake in each of the SPVs to develop renewable power plants with a total capacity of 958 MW. Interestingly, 225 MW of this total renewable power capacity has already been commissioned. The company has built a climate action plan to reduce carbon emissions by more than 42 percent by 2030 from 2005 levels.

In April 2022, the JSW Group planned to develop a 900 MW pumped storage hydel power project in West Bengal. The government of West Bengal has agreed to construct a third pumped storage power plant at the Bandhunala project in Purulia. The project will be developed through a public-private partnership format.

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