JSW Energy looks to advance Rs 1.15 trillion capex by a few years

Plans to make Rs 15K crore capital expenditure in FY25

Private power producer JSW Energy is looking to advance its Rs 1.15-trillion capex target by a few years, encouraged by India’s growing energy demand, said Sajjan Jindal, chairman and managing director of the company.

“Significant strides have been made towards the target of becoming a 20-gigawatt (Gw) company well before 2030. With tailwinds such as healthy power demand, a strong pipeline of under-development capacity and a robust capital structure on the balance sheet, I am confident of accelerating the 2030 targets by a few years,” Jindal said in his address to shareholders at JSW Energy’s annual general meeting (AGM) on Friday.

 

JSW Energy’s total installed capacity stands at around 7.3 Gw across thermal, hydro, solar and wind.

Last year, the power producer declared its strategy 2.0 to scale power generation capacity to 20 Gw along with 40 GWh of energy storage before 2030. Then, the capex intended was around Rs 1.12 trillion.

In his Friday’s speech, Jindal pegged this amount at Rs 1.15 trillion and noted, “As we accelerate our ambition, this is likely to increase, going forward.” Of this, JSW Energy plans to spend Rs 15,000 crore as capex in the current financial year.

Jindal added, “With 2.6 Gw of projects, which are currently under construction, and which are slated for commissioning during the current financial year, your company is on track to meet the 10 Gw installed capacity target by FY25.”

Jindal also added the company will keep an eye on new thermal power opportunities.

He said, “Thermal power plays a crucial role in grid stability until more efficient storage solutions like battery storage and hydro pumped storage mature……..your company continues to focus on adding renewable capacity. It will also continue to pioneer energy storage solutions as well as keep an eye on any new thermal opportunities.”

JSW Energy’s close rival, Tata Power, has so far maintained it will not make any further investments in thermal power, as it looks to decarbonise.

Jindal added, “Additionally, towards supply chain de-risking, we are also venturing into equipment manufacturing.”

He also informed shareholders that the company is actively scouting for acquisition opportunities in the power sector.

On the company’s new energy ventures, Jindal shared a June 2025 timeline for the 500 megawatt (Mw)/1,000 MWh battery energy storage system (BESS) project with SECI.

The 3,800 tonnes per annum green hydrogen project that the company is setting up under a supply agreement with JSW Steel will be commissioned by FY25-end, he said.