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JSW Energy ties up with Australia's Fortescue Future for production of green hydrogen

JSW Energy ties up with Australia's Fortescue Future for production of green hydrogen

JSW Energy has laid out a blueprint to becoming a 20-GW capacity power generating company by 2030, with about 85% portfolio in green and renewable energy sources, says MD and CEO Prashant Jain

JSW Green aims to be a green energy future tech company, with a pro-active approach to green hydrogen, offshore wind and battery energy storage. Photo: Reuters JSW Green aims to be a green energy future tech company, with a pro-active approach to green hydrogen, offshore wind and battery energy storage. Photo: Reuters

JSW Energy Limited's subsidiary JSW Future Energy Limited has entered into a framework agreement with Australian Fortescue Future Industries Pty Ltd to collaborate and conduct scoping work on potential projects relating to the production of green hydrogen and other allied activities.

The collaboration will enable both parties to explore opportunities to tap into the significant clean energy market opportunity in India.

"JSW Energy has laid out a strategic blueprint to becoming a 20-GW capacity power generating company by 2030 with about 85 per cent of the portfolio comprising green and renewable energy sources," JSW Energy Joint MD and CEO Prashant Jain said.

He said JSW Green aspires to be a green energy future tech company, with a pro-active approach to adopt innovative technologies like green hydrogen, offshore wind and battery energy storage.

He said green hydrogen is going to disrupt the clean energy space and could replace the fossil fuels used for industrial, transportation and mobility sectors.

Also read: JSW Energy to seek shareholders' approval to raise Rs 5,000 cr

The partnership with Fortescue Future will lead to a new era of green hydrogen applications in India and fulfill JSW Green's net-zero commitments earlier than its 2050 target, a company statement said.

FFI CEO Julie Shuttleworth said FFI is setting out to become the world's leading energy and green products company, from fully renewable sources.

"Collaborating with JSW Energy provides an exciting opportunity to explore  India's renewable energy and green hydrogen market and positively contribute to India's decarbonisation ambitions," Julie said.

She said FFI is actively establishing a portfolio of projects associated with renewable green hydrogen and green industrial products.

JSWEL currently has 4,559 MW of operational thermal, hydro and solar power capacity. The company has around 2,500 MW of renewable energy projects under construction, which are likely to be completed by 2023. FFI is the 100 per cent renewable green energy and industry company of Fortescue Metals Group Limited (Fortescue).

Also read: JSW Steel posts record profit of Rs 5,904 cr in Apr-Jun