JSW Energy Targets 30 GW Capacity By FY30

JSW Energy Ltd., the power generation arm of JSW Group, has increased its capacity target to 30 gigawatts by financial year 2029-30, according to Sharad Mahendra, managing director and chief executive officer at JSW Energy. This is a substantial jump from its previous goal of 20 GW by the end of the decade.

The company's capacity addition in fiscal 2026 can be in the range of 10.8 GW to 16 GW, Mahendra said, during a conversation with NDTV Profit.

“We started FY25 with operational capacity of 7.25 GW, and we have added another 3.6 GW in FY25. With the acquisition of O2 Power in April, with its operational capacity of 1.3 GW, we expect to reach around 2 GW by the end of Q1 FY26,” he said.

JSW Energy's operational capacity at the end of fiscal 2025 stood at 10.8 GW. By the end of June quarter of fiscal 2026, the operational capacity could exceed 13 GW, including the commissioning of a 240 MW greenfield hydro project and additional wind and solar capacity, Mahendra pointed out.

The company has over 6 GW of signed power purchase agreements for solar and wind projects expected to be executed over the next 18-24 months.

The entire portfolio of O2 Power, which JSW Energy acquired last year, is projected to be commissioned by June 2027, with over 2.5 GW operational by March 2026.

Mahendra said the target of reaching 20 GW operational capacity will be achieved “significantly earlier” than FY30 and the company will soon announce its "Strategy 3.0" with revised capacity addition numbers and timelines.

“Our benchmark from day one has been two-thirds of green energy and one-third of fossil fuel. We will maintain this in FY26 as well. The government has announced a target of energy security by 2047. Right now, it is only thermal. Going forward, maybe nuclear will also play a role, but it is slightly away,” he said.

JSW Energy recently signed a 25-year power purchase agreement with the West Bengal government for an ultra-supercritical thermal power plant.

Highlighting the project's strategic importance, Mahendra said, "It is the largest single investment in a greenfield project in the history of our organization. It is a 2x800 MW ultra-supercritical thermal power plant. It is in line with the Government of India's target of adding 80 GW of thermal capacity by 2032 to ensure power reliability and energy security.”.

Regarding power demand trends, Mahendra noted a surge particularly from South and West India, with North India expected to follow as summer intensifies. The power demand in fiscal 2026 will be higher than in the previous years, he added.

A crucial component of JSW Energy's future strategy is energy storage. Mahendra highlighted the importance for grid stability and providing reliable and round-the-clock power. The company has orders for approximately 3 GWh of battery energy storage capacities, coupled with solar projects. It has won a competitive bid for a 1,500-MW, 12-GWh pumped storage project in Maharashtra, one of India's largest, with an eight-hour discharge capacity.

“Pump storage is going to play a key role and battery energy storage also. So these two, along with wind and solar, are the future for reliable renewable energy,” he said.

Shares of JSW Energy closed 2.65% higher at Rs 521.35 on the NSE on Monday, compared to 1.15% rise in the benchmark Nifty 50.