JSW Energy Limited, is the diversified energy vertical of USD 25 billion JSW Group. The Company's 13,454 MW of total installed capacity includes 5,658 MW of thermal energy, 3,656 MW of wind energy, 1,631 MW of hydro energy, 2,058 MW of solar energy and 451 MW of hybrid renewable energy as of March 31, 2026. In addition, it is in the process of constructing power plants with a cumulative generation capacity of 14,048 MW, consisting of 2,353 MW of wind energy, 3,547 MW of solar energy, 4,798 MW of renewable hybrid power projects, 150 MW of hydro
JSW Energy Limited, is the diversified energy vertical of USD 25 billion JSW Group. The Company's 13,454 MW of total installed capacity includes 5,658 MW of thermal energy, 3,656 MW of wind energy, 1,631 MW of hydro energy, 2,058 MW of solar energy and 451 MW of hybrid renewable energy as of March 31, 2026. In addition, it is in the process of constructing power plants with a cumulative generation capacity of 14,048 MW, consisting of 2,353 MW of wind energy, 3,547 MW of solar energy, 4,798 MW of renewable hybrid power projects, 150 MW of hydro
energy and 3,200 MW of thermal energy projects.
Company has two 400 KV operational transmission lines in joint venture with Maharashtra State Electricity Transmission Company Limited, a wholly owned corporate entity under the Maharashtra Government. It has a combined capacity of 9 MTPA of lignite through Barmer Lignite Mining Company Limited in Rajasthan, through joint venture with Rajasthan State Mines and Minerals Limited. It has a joint venture with Toshiba Corporation for manufacturing supercritical steam engines. Besides power generation, it is also engaged in Power Trading since June 2006. The Company also has stake in a coal mining company in South Africa.
JSW Energy Limited was incorporated on March 10, 1994 as a Joint Venture between JSW Steel Limited and Tractebel S.A., Belgium with the name of 'Jindal Tractebel Power Company Limited'. The name of the Company changed from Jindal Tractebel Power Company Limited to Jindal Thermal Power Company Limited on January 17, 2002 and further was changed from Jindal Thermal Power Company Limited to JSW Energy Limited on December 7, 2005.
In January, 2000, the Company started commercial operations of Unit-II of 2x130 MW Power Plant at Toranagullu and in August 5, 2000, they started commercial operation of Unit-I of 2x130 MW Power Plant at Toranagullu.
In December 2001, Tractebel S A, Belgium sold their share holdings in the company to ICICI, IDBI and Jindal group companies.
In February, 2006, the company acquired Raj WestPower Ltd under the share purchase agreement and thus Raj WestPower Ltd became a subsidiary company. In May 5, 2006, they incorporated JSW Energy (Vijayanagar) Ltd as a subsidiary company.
In June, 2006, the company incorporated JSW Energy (Ratnagiri) Ltd for setting up a 1,200 MW power plant at Jaigad in Maharashtra, based on imported coal. In July 8, 2006, they incorporated JSW Power Trading Company Ltd to carry on the business of power trading.
In January, 2007, Raj WestPower Ltd and Rajasthan State Mines and Minerals Ltd formed a joint venture company, namely Barmer Lignite Mining Company Ltd for engaging in mining activities in the Kapurdi and Jalipa lignite mining blocks in Barmer District, Rajasthan. In March 28, 2007, they acquired PT Param Utama Jaya in Indonesia thereby making it a wholly owned subsidiary company.
In July 2007, the company was awarded 260 MW Kuther Hydro Electric Project. In November 1, 2007, the company de-merged their investment division and transferred it to JSW Energy Investments Pvt Ltd. In November 11, 2007, the company signed a joint venture agreement with Mahanadi Coalfields Ltd, JSW Steel Ltd, Jindal Stainless Ltd and Shams DRI Power Ltd for mining of coal from Utkal, a coal block in Orissa.
On April 23, 2008, the company incorporated Jaigad PowerTransco Ltd as wholly owned subsidiary company. In May 7, 2008, the company made a joint venture agreement with Toshiba Corporation, Japan for setting up of Turbine & Generator manufacturing facility in India.
On August 5, 2008, the company made a joint venture agreement with Maharashtra State Electricity Transmission Company Ltd for setting up of Transmission Lines in the State of Maharashtra. In October 10, 2008, JSW PowerTransco Ltd and JSW Energy (Vijayanagar) Ltd were amalgamated with the company with effect from April 1, 2008.
On April 10, 2009, the company commissioned Unit - I of 2X300MW Power Plant at Toranagullu. In August 31, 2009, they incorporated JSW Energy (Raigarh) Ltd for setting up a 1,320 MW power plant at Raigarh in Chhattisgarh, based on domestic coal. In September 1, 2009, they commenced commercial operations of Unit - II of 2X300MW Power Plant at Toranagullu.
The Board of Directors of JSW Energy at its meeting held on 21 January 2010, accorded their consent for formation of Special Purpose Vehicle (SPV) between the company and JSW Bengal Steel Ltd. to set up a 1,600 MW (2 X 800 MW) power plant at lchhapur, West Bengal utilizing the thermal coal from lchhapur coal mines, subject to necessary approvals. JSW Energy will have 74% shareholding in the SPV while JSW Bengal Steel Ltd (JSWBSL) will hold the balance 26%. Additionally, JSWBSL will be entitled to procure 51% power generated by the SPV, being a captive power consumer in accordance with the regulations of the Electricity Act, 2003. The balance power will be available with the SPV for sale. The entire project is scheduled to be completed by March 2015. The Board of Directors of JSW Energy also accorded their consent for formation of a wholly owned overseas subsidiary aimed at acquiring coal mines to secure its fuel requirements. The company proposes to make equity investments or provide loans funds and for provide corporate guarantee for loan by the wholly owned overseas subsidiary for an aggregate amount not exceeding US$ 1 billion, subject to necessary approvals.
On 15 April 2010, JSW Energy announced the acquisition of majority shareholding in South African Coal Mining Holding Limited (SACMH) which has certain coal concessions.
On 10 June 2010, JSW Energy announced that it has entered into a Memorandum of Understanding (MOU) with Osho Venture FZCO, Dubai (Osho) and Indian Ocean Mining (Pty) Limited, South Africa (IOM) with an intention to acquire 70% equity interest in IOM from Osho. IOM has certain Coal prospecting rights in North West region of South Africa. The aforesaid MOU is part of the strategy to enhance fuel security for which the company is continuously evaluating various strategies and proposals to secure long term imported coat linkages. The MOU is subject to company carrying out due diligence, execution of definitive agreements and compliance with regulatory requirements.
The Board of Directors of JSW Energy at its meeting held on 23 July 2010 considered and approved a Scheme of Amalgamation of JSW Energy (Ratnagiri) Ltd (JSWERL) with JSW Energy Ltd and their respective shareholders and creditors. The scheme does not envisage any issue of shares, since JSWERL is a wholly owned subsidiary of JSW Energy.
On 1 June 2011, JSW Energy announced that the agreements entered into with respect to acquisition CIC Energy Corp (CIC) by the company stand terminated as the conditions precedent for merger could not be fulfilled by 31 May 2011 which was the last date for fulfilling the conditions by CIC. Earlier, on 23 November 2010, JSW Energy announced that it has entered into a binding agreement with CIC Energy Corp. (CIC) - a company incorporated in the British Virgin islands and listed on the Toronto and Botswana stock exchanges - to acquire all of the shares of CIC Energy at a price of GAD 7.42 per share, amounting to a total consideration of approximately CAD 422 million. CIC is developing the Mmamabula Energy Complex at its Mmamabula Coal Field in southeastern Botswana, Africa. The Mmamabuia Energy Complex is planned to develop coal mines for export, setting up power plants and conversion of Coal to Hydrocarbon.
On 17 October 2011, JSW Energy announced that it has started commercial operations of the 4th Unit of 300 MW at its power plant at Ratnagiri, Maharashtra from 16 October 2011. As a result, the entire 1200 MW power plant is now fully operational and is supplying uninterrupted power to the state grid. This is the first power project of over 1,000 MW to be set up in the state of Maharashtra by private sector post the Electricity Act, 2003.
JSW Energy has also resumed operations of 2 X 135 MW Barmer power project on 12 October 2011 pursuant to the grant of adhoc interim tariff by Rajasthan Electricity Regulatory Commission (RERC), using lignite from the Kapurdi reserves. The lignite mining by Barmer Lignite Mining Co. Ltd. (BLMCL) has commenced operation upon the transfer of mining licence for Kapurdi reserves in favour of BLMCL. BLMCL is a joint venture between Rajasthan State Mines & Minerals Ltd. (RSMML), a Government of Rajasthan enterprise & Raj WestPower Ltd. (RWPL), a wholly owned subsidiary of JSW Energy Limited with equity participation of 51% and 49% respectively to develop lignite mines in two contiguous blocks of Kapurdi and Jalipa in the district of Barmer. The commissioning of Unit 3 & Unit 4 is also expected shortly upon receipt of the tariff order from RERC.
On 7 December 2011, Jaigad PowerTransco Limited (3PTL), a joint venture between JSW Energy and MahaTransco, announced commissioning of its 400 kV Intra-State Power Transmission project in Maharashtra. This Transmission System consisting of 400kV Double Circuit Jaigad - New Koyna and Jaigad - Karad Transmission Lines will facilitate evacuation of power from 1200 MW Jaigad Power Project as well as other power generation projects planned in the region and also transfer power from predominantly generation node at New Koyna to load centre at Karad. The Transmission system has power evacuation capacity of about 2,500 MW to 3,000 MW. This Joint Venture for development of Transmission Lines in Maharashtra is a unique example of Public Private Partnership in Transmission Business -where JSW Energy holds 74 % and MahaTransco holds 26% equity and it is a pioneering effort by JSW Energy and MahaTransco to facilitate power evacuation from the upcoming power projects in Maharashtra. MahaTransco becomes the first State Transmission Utility (STU) in India to promote this participative approach for development of power transmission system.
On 4 March 2013, the Company commissioned Unit VI of 135 MW of the 8 X 135 MW Power Project at Barmer, Rajasthan.
On 29 July 2015, JSW Energy announced that JSW Energy Natural Resources South Africa (PTY) Limited, a step down subsidiary of the company in South Africa, has disposed off 26% stake in its subsidiary, South African Coal Mining Holdings Limited (SACMH). The disposal is to comply with the black economic empowerment requirements mandated by the Department of Mineral Resources (DMR), requiring the issued shares in the company to be owned by historically disadvantaged South Africans (HDSAs). SACMH is a listed entity on the Johannesburg Stock Exchange (JSE). The company through its step down subsidiary had an effective shareholding in SACMH of 93.27%. Post completion of the transaction, the company's effective shareholding in SACMH stands reduced to about 67.25%.
On 8 September 2015, JSW Energy announced that it has concluded the acquisition of 100% of the securities of Himachal Baspa Power Company Ltd. (HBPCL) which has two operating Hydro Power assets viz. 300 MW Baspa - II HEP and 1,091 MW Karcham Wangtoo HEP. The company has also entered into a binding Memorandum of Understanding (MoU) with Jaiprakash Power Ventures Limited to acquire 100% stake in the 500 MW Bina Thermal Power Plant located in the Sagar district of Madhya Pradesh.
On 26 October 2015, JSW Energy informed the stock exchanges that JSW Energy Natural Resources South Africa Proprietary Limited, a step down subsidiary of the company in South Africa which holds 67.27% in its subsidiary, South African Coal Mining Holdings Limited (SACMH) has intimated its firm intention in terms of Regulation 101 of the Companies Regulations, 2011 of the Companies Act, 2008 to the proposed delisting of SACMH on the Johannesburg Stock Exchange (JSE) and an offer to all remaining shareholders. SACMH is a listed entity on the JSE.
On 1 March 2016, JSW Energy informed the stock exchanges that Rajasthan Electricity Regulatory Commission (RERC) has vide its order dated 24 February 2016 determined the final tariff for FY 2009-10 to FY 2013-14 along with Annual Performance Review and true-up for FY 2009-10 and FY 2010-11 for the 1,080 MW Lignite Power Plant at Banner, Rajasthan of Raj WestPower Limited (RWPL), a wholly owned subsidiary of the company. RWPL will recognise the revenues in its books based on the aforesaid order for the period FY 2009-10 to FY 2013-14 and based on approved provisional tariff for the subsequent periods FY 2014-15 and FY 2015-16 till their respective final determination of tariff. RWPL meanwhile intends to seek clarifications and/or appeal the said order as per the provisions of law after thorough review.
On 4 May 2016, JSW Energy announced acquisition of 1,000 MW (4X250 MW) thermal power plant located at Village Tamnar, District Raigarh in State of Chhattisgarh from Jindal Steel & Power Limited (JSPL).
On 24 October 2016, JSW Energy signed a binding Memorandum of Understanding (MoU) with the Swaziland Electricity Company (SEC) and the Government of Swaziland to set up a thermal power plant in the Kingdom of Swaziland in order to facilitate energy security and make Swaziland self-reliant in power by exploiting the natural resources available within the country.
The Board of Directors of JSW Energy at its meeting held on 11 August 2017 approved entering into Electric Vehicles, Energy Storage Systems and associated business, directly or through one or more subsidiaries.
On 26 September 2017, JSW Energy entered into a Memorandum of Understanding (MoU) with the Government of Gujarat to set up a facility for manufacturing of Electric Vehicles, Electrical Battery/Energy Storage Solutions (ESS) and charging infrastructure.
On 2 December 2017, JSW Energy secured PPAs aggregating to 208 MW, which consisted of 176 MW PPA with Haryana Power Purchase Centre to be supplied from the Karcham Wangtoo Hydro Electric Project of Himachal Baspa Power Company Ltd., a 100% subsidiary of the company and 32 MW under Group Captive scheme to be supplied from the Ratnagiri plant of the Company.
On 4 January 2018, JSW Energy announced the incorporation of a wholly owned subsidiary, JSW Solar Limited on 1st January 2018, to inter alia, pursue business opportunities in renewable energy space, energy storage systems, micro grids, etc.
On 19 February 2018, JSW Energy announced that it has entered into MoU with the Government of Maharashtra for setting up facilities for the manufacturing of EV and Energy Storage Systems in the state of Maharashtra, subject to receipt of internal corporate approvals.
On 5 March 2018, JSW Energy acquired JSW Electric Vehicles Private Limited for a consideration of Rs 1 lakh and consequently, JSW Electric Vehicles Private Limited became a wholly owned subsidiary of JSW Energy.
On 22 March 2018, JSW Energy Limited secured a Power Purchase Agreement (PPA) of 200 MW with Punjab State Power Corporation Limited to be supplied from the Karcham Wangtoo Hydro Electric Project of Himachal Baspa Power Company Ltd., a 100% subsidiary of the company.
In FY 2020, the Company commissioned 18 MW Thermal power plant at Nandyal. It acquired 1050 MW GMR Kamalanga Energy Ltd and 700 MW Ind-Barath Energy (Utkal) Ltd. It commenced preparatory construction work for their 240 MW Kutehr Hydro power plant in Himachal Pradesh. It acquired 100% shares of subsidiary, GMR Kamalanga Energy Limited(GKEL) which owns and operates a 1050 MW (3 X 350 MW) thermal power plant in Odisha. It acquired Ind-Barath Energy (Utkal) Limited, which owns a 700 MW (2x350 MW) power plant in Odisha.
During the year 2021, the Company commissioned Karcham Wangtoo Hydro Electric Power plant, which achieved highest PAF (Plant availability factor). It installed Controller Based Wireless Access Points, which enabled centralised management and control over WIFI network used at the plant. It completed the firewall High Availability (HA) setup and configuration of MPLS links through firewall to increase the Reliability and IT Security.
On 25th November, 2021 the Company had approved the re-organisation of Company's Green (Renewable) Business and Grey (Thermal) Business, which was completed during the year under review: 100% of equity shares held by JSW Future Energy Limited (JSWFEL) in (i) JSW Renew Energy (Kar) Limited (JSWREKL) and (ii) JSW Renewable Energy (Dolvi) Limited (JSWREDL), were transferred to JSW Neo Energy Limited (JSWNEL). 100% of equity shares held by JSW Hydro Energy Limited (JSWHEL) in JSW Energy (Kutehr) Limited (JSWEKL) were transferred to JSWNEL and 100% of equity shares held by the Company in JSWHEL were transferred to JSWNEL, where JSWREKL, JSWREDL, JSWEKL and JSWHEL have become wholly owned subsidiaries of JSWNEL.
During the year 2023, the Company commissioned a 225 MW captive Solar Power Plant at Vijayanagar, in Karnataka; started Phase-wise commissioning of SECI X Wind project at Tuticorin; acquired 1,449 MW of Wind-Solar capacity from Mytrah Energy (India) Private Limited.
During the year 2023, JSW Future Energy Limited (JSWFEL), a wholly owned subsidiary of the Company was amalgamated with JSW Neo Energy Limited (JSWNEL), also a wholly owned subsidiary, through the Scheme of Amalgamation effective from 1st April, 2022. Consequently, all the assets and liabilities of JSWFEL were transferred to JSWNEL including the investments in JSW Renew Energy Limited (JSWREL), JSW Renew Energy Two Limited (JSWRETL), JSW Renewable Energy (Vijayanagar) Limited (JSWREVL) and JSW Renew Energy (Raj) Limited (JSWRERL). Accordingly, these companies were made the subsidiaries of JSWNEL.
JSW Energy (Jharsuguda) Limited was amalgamated with Ind-Barath Energy (Utkal) Limited upon the acquisition of Ind-Barath Energy (Utkal) Limited effective on 28th December, 2022. JSW Renewable Energy (Coated) Limited, JSW Renewable Energy (Amba River) Limited and JSW Renewable Technologies Limited were incorporated as new subsidiaries during the year 2023.
The Company raised Rs 5000 Cr by an issue of equity shares through a Qualified Institutions Placement (QIP) in April, 2024. Renewable
energy capacity saw substantial additions with a total of 18.5 GW addition in FY 2024, particularly in solar with 15 GW additions, driven by government initiatives, policies and investment incentives. The Company launched 5 new BHM programs across four major Thermal and Hydro power plants i.e. BHM Risks number 21 to 25. It acquired the RE solar plants in various states having a 422 MW capacity with other small solar plants across various plant locations totalling about 18 MW add to the operating capacity in 2024. 92 MW of SECI IX commissioned in Tamil Nadu in FY 2024. Further, 331 MW of greenfield capacity also commissioned in 2024. The Company has synchronized Unit-I (350 MW) thermal power plant in Odisha on 13th January, 2024.
In FY 2025, Company has commissioned 1.3 GW of Organic Wind Capacity. It acquired 3.6 GW KSK Mahanadi Plant through NCLT route, fully commissioned Utkal Plant 700 MW; further acquired a 45 MW operational wind project in Vashpet, Maharashtra. 0.2 power installed capacity has been acquired since April 2025.
9.64 GW of new coal based capacity has commissioned during FY26. Company commissioned India's largest commercial green hydrogen plant with a 25MW electrolyser facility fully powered by renewable energy, commissioned a 5TPD Solid Waste Management Facility at Kaksthal, commissioned India's largest green hydrogen plant with a capacity of 3,800 tonnes per annum (tpa), along with 30,000 tpa of oxygen, at Vijayanagar, Karnataka. Additionally, it commissioned 19.8 MW floating solar at Vijayanagar. Company added 2.6 GW of renewable capacity in FY 2026, gaining total installed capacity of 13.45 GW as on March 31, 2026. It commissioned a 5GWh battery assembly plant in Pune during FY26, through the diversification into new technology domain. Company acquired a strategic hydro portfolio of 150MW viz., Tidong Hydro Power project in FY26.
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