JSW Energy, led by Sajjan Jindal, has made significant strides in its renewable energy plans, acquiring assets from O2 Power, Hetero Group, and KSK Mahanadi, which has enabled the company to reach its 20 GW target by 2028, two years ahead of its original 2030 timeline. The company’s total capacity has been boosted to 28.3 GW, with 70% of its energy assets now being green. JSW Energy aims to scale up to 40 GW of storage capacity by 2030.
The company’s strategy has shifted from organic growth to inorganic acquisitions, as renewable energy companies face constraints in obtaining connectivity and permission to build projects. The acquisition of O2 Power’s 4,696 MW renewable energy platform is one of the largest renewable energy deals in the country, and is expected to be operational by June 2025 and 2027, adding 2.3 GW and 2.4 GW, respectively.
JSW Energy plans to set up a manufacturing unit for wind blades and solar modules, which was put on hold due to falling solar panel prices, but is now being revived. The company aims to develop a hybrid power plant, energy storage, and green hydrogen, and has received a letter of award for a 1,600 MW thermal power plant in West Bengal.
The company’s CFO, Pritesh Vinay, stated that JSW Energy will continue to revisit its target if necessary and is exploring new opportunities, including Letters of Award (LoAs) and Letters of Intent (LoIs). With its acquisition spree, JSW Energy is well on its way to meeting its ambitious goals and cementing its position as a leading player in the renewable energy sector.