JSW Energy Limited (“the Company”) currently operates an installed thermal capacity of 5,658 MW, with an additional 3,200 MW under construction at its Salboni Thermal Power Plant, and an optionality of 1,800 MW for brownfield expansion at Mahanadi. With this, the total locked-in thermal capacity of the company stands at 10,658 MW.
To facilitate the future thermal growth plans of the company and to de-risk the supply chain, the Company has entered into a definitive agreement with Toshiba Corporation, Japan for increasing the Company’s stake in Toshiba JSW Power Systems Limited (“TJPS”, a Joint venture between the Company and Toshiba Corporation) by way of a secondary equity purchase, entailing a total cash consideration of ₹150 Cr. This strategic investment will also aid the company in building thermal plants at one of the lowest capital costs in the Industry and further strengthen the company’s capability in the thermal space, for the current thermal pipeline as well as for any future opportunities. With this transaction, along with the acquisition underway of GE’s boiler business, the Company has fully de-risked its thermal ambitions.
Pursuant to the aforesaid transaction, the Company’s shareholding in TJPS will increase to 20.7% (from 4.6%) on a non-diluted basis, and to 10.7% (from 2.4%) on a fully diluted basis, thereby strengthening its ownership position in TJPS.
TJPS operates a state-of-the-art, Chennai-based manufacturing facility that can manufacture large-sized supercritical/ultra supercritical steam turbine generators ranging up to 1,000 MW. The Company has already placed orders for 1,600 MW of ultra-supercritical turbine-generators with TJPS, which enhances the Company’s visibility and access over a critical equipment supply chain. The acquisition is subject to customary closing conditions and regulatory approvals, as applicable.
Mr. Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, “Increasing our stake in TJPS is a strategic move, deepening the partnership with Toshiba that we have built over nearly two decades – one grounded in shared standards of engineering excellence and long-term thinking. Critically, it strengthens our supply chain for equipment that is central to thermal power generation – an area where supply security is non-negotiable. This investment is consistent with our broader mission: supporting India’s energy reliability by maintaining a balanced portfolio that pairs the growth of renewables with a resilient thermal foundation.”
JSW Energy has a total locked-in generation capacity of 32.1 GW, comprising 13.7 GW operational and 13.8 GW under construction across thermal, hydro, and renewables, with a pipeline of 4.6 GW. The company also has 29.6 GWh of locked-in energy storage capacity, comprising pumped hydro storage of 26.4 GWh and battery energy storage systems of 3.2 GWh. The company aims to reach 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030, and to achieve carbon neutrality by 2050
