JSW Energy Ltd. is on track to achieve 10 gigawatts of production capacity by the current financial year, driven by the renewable energy segment, according to Chief Executive Officer Sharad Mahendra.
The total operational capacity of the company is close to 7.7 GW, out of which only 47% is thermal. More than 50% of the capacity is in the renewable energy space, Mahendra told NDTV Profit in a conversation.
He underscored that the government's goal to achieve 500 GW of renewable energy by 2030 was a huge opportunity for the company. "By March FY25, we will be reaching a capacity of 10 GW, with 60% of it coming from renewable space and slightly under 40% coming from thermal space," the CEO added.
Beyond the 10 GW expansion plan, JSW Energy has an order pipeline of 9 GW, which is 100% renewable, he said. "We are on track for 9.2 GW of capacity addition."
"We have signed power purchase agreements for slightly under 6 GW with the utilities, which will be executed in 18–24 months' timeline according to the PPA terms," he said.
The power generation firm's power demand for the first half of the fiscal grew 5.4% compared to the corresponding period of the preceding fiscal. Mahendra attributed the "slight moderation" to factors like the general elections and muted capital expenditure by the government. "We have to realise that H1 has been exceptional in terms of elections and the government's capex spends have been slightly lower than last year."
Mahendra exuded confidence that it will improve, pointing out that the basic fundamentals remain strong for the country, economic growth would be there and power would play a significant role.
"Assuming a conservative estimate of 6% demand growth, the country needs close to about 25 GW of fresh capacity every year, assuming 6–7 GW is coming from thermal," he said.
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