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Indian tribunal approves JSW Energy’s acquisition of KSK Mahanadi power plant

The National Company Law Tribunal (NCLT) in Hyderabad has approved JSW Energy’s revival plan for KSK Mahanadi Power Company Ltd (KPMCL), a bankrupt company with liabilities of over ₹32,335 crore. The approval was given subject to clearance from the Competition Commission of India. JSW Energy’s offer of ₹15,985 crore is significantly lower than KPMCL’s admitted liabilities. The company has been struggling to pay its debts, with power finance corporation filing an application for insolvency proceedings in November 2019. The company is still operational, with 1,800 MW of its 3,600 MW capacity already operational, with the remaining capacity under construction.

The approval of the revival plan would see JSW Energy acquiring a 26% equity stake in KPMCL and paying an additional ₹100 crore to operational creditors. This deal would increase JSW Energy’s locked-in thermal generation capacity to 7.5 GW and its total locked-in generation capacity to 28.2 GW. KPMCL’s power plant in Chhattisgarh uses domestically sourced coal and has power purchase agreements for 95% of its operational capacity. The deal is a significant win for JSW Energy, and it would help the company increase its capacity and presence in the power sector.

JSW plans to spend Rs 16,000 crores on a power project in Bengal, fuelling its hopes for future expansions.

JSW Group Chairman Sajjan Jindal announced a massive investment of Rs 16,000 crore (approximately $2.1 billion) to develop a 1,600 MW power project at Salboni, West Bengal. The project, which includes a 1,600 MW greenfield thermal power plant, will be developed in collaboration with West Bengal State Electricity Distribution Company Ltd (WBSEDCL). The company aims to double its capacity in the future with an additional investment of similar scale.

The project will be developed on a land bank currently being used by JSW’s cement grinding facility, which is one of its existing assets in the region. JSW Energy, a subsidiary of the JSW Group, has secured the order to develop the project through a competitive bidding process.

This significant investment will not only boost JSW’s power generation capacity but also create new employment opportunities in the region. The company’s total locked-in generation capacity has already reached 30 GW, with thermal power contributing 9 GW. The company is committed to achieving its 20 GW generation capacity target well before 2030.

The investment is a significant milestone for the JSW Group, which is one of India’s leading private sector power producers, with a global footprint spanning 12 countries. The project demonstrates the group’s commitment to expanding its presence in the power sector and meeting the increasing demand for electricity in the region. The development of the project is expected to have a positive impact on the local economy, creating new job opportunities and stimulating economic growth.

JSW Energy adjusts its capital expenditure budget to Rs 10,000 crore for FY’25.

JSW Energy, a steel major, has revised its capital expenditure (capex) target for FY’25 to Rs 10,000 crore, down from its earlier estimate of Rs 15,000 crore. The company has incurred capex spending of Rs 6,200 crore in the first nine months of the fiscal and expects to close the year with around Rs 10,000 crore in total capex. The revision is due to strategic shifts towards inorganic growth through acquisitions, citing sectoral constraints and connectivity challenges.

JSW Energy has planned to complete its current batch of projects and will now focus on inorganic growth opportunities, which will help deliver a steady growth trajectory. The company has allocated Rs 13,000-14,000 crore for the 2.4 GW under-construction renewable projects of O2 Power, a Rs 12,468-crore acquisition completed in December.

The company aims to reach 10 GW capacity by FY’25 and 20 GW by FY’30, with its current under-construction capacity standing at 7.8 GW. JSW Energy’s debt remains under control, with a net debt of Rs 26,500 crore as of December 2024 and a net debt-to-EBITDA ratio of 4.5x.

The company is also working on a 1 GWh battery energy storage system (BESS), which is currently under regulatory review. Although there may be a slight delay due to recent regulatory developments, the company is confident in the long-term viability of its energy storage projects.

JSW Energy receives Letter of Intent for KSK Mahanadi Power’s resolution plan

JSW Energy Ltd has been selected as the successful applicant for the resolution plan for KSK Mahanadi Power Company Ltd (KMPCL) under the Insolvency and Bankruptcy Code. The company was chosen after the Committee of Creditors approved the resolution plan. The transaction is subject to approval from the National Company Law Tribunal and the Competition Commission of India. KMPCL owns and operates a 3,600 MW thermal power station in Chhattisgarh, with 1,800 MW currently operational and 1,800 MW under construction. JSW Energy’s CEO, Sharad Mahendra, believes the plant’s strategic location, tied-up power purchase agreements, and efficient operations will ensure a reliable power supply. The company plans to continue exploring new opportunities and expand its presence in the energy sector.

JSW Energy Moves Forward with KSK Mahanadi Power Resolution After Receiving Letter of Intent

According to a report by CNBC-TV18, JSW Energy has received a letter of intent (LoI) for the resolution of KSK Mahanadi Power Company (KMPC). KMPC is a subsidiary of KSK Energy Ventures, which has been facing financial difficulties. The LoI is a significant step forward in the resolution process, which was initiated by the National Company Law Tribunal (NCLT) in 2019.

JSW Energy, a leading power generation company in India, has been competing with other bidders to acquire KMPC. The company had submitted a resolution plan for KMPC, which was approved by the Committee of Creditors (CoC). The LoI is a confirmation of JSW Energy’s bid, and it will now proceed to the next stage of the resolution process.

The acquisition of KMPC will enable JSW Energy to expand its power generation capacity and improve its overall operations. The company has been aggressively pursuing inorganic growth opportunities to increase its market share and competitiveness in the Indian power sector. The successful resolution of KMPC will be a significant milestone for JSW Energy and will demonstrate its ability to navigate complex corporate resolutions.

Four law firms advise on JSW Energy’s $1.47 billion acquisition of O2

JSW Energy has acquired O2 Power and its subsidiaries from EQT Infrastructure and Temasek for $1.47 billion. The deal marks one of the largest in the renewable energy sector and the largest acquisition in JSW Energy’s history. Khaitan & Co advised JSW Energy on the acquisition, with partners Haigreve Khaitan, Siddharth Shah, and Akhil Bhatnagar leading the team. Herbert Smith Freehills advised on the English law aspects of the transaction, while Trilegal acted for EQT and Temasek on their sale of O2 Power. A&O Shearman also acted for EQT and Temasek, with partners Ayesha Thapar, Harsh Pais, and James Mythen leading the team. The acquisition marks a significant milestone for JSW Energy and the renewable energy sector in India, which is experiencing rapid growth. The deal is expected to play a pivotal role in advancing the global energy transition.

ICRA, a leading credit rating agency, assigns a rating to JSW Energy.

ICRA, a credit rating agency, has taken rating actions on JSW Energy, a leading power generation company in India. According to the ratings agency, JSW Energy’s credit rating has been upgraded to [AAA] with a stable outlook, reflecting the company’s improved financial performance, stable operations, and robust debt servicing capacity. The upgrade also considers JSW Energy’s diversification of its power generation portfolio, with a significant share of renewable energy assets.

The rating agency has also assigned a short-term rating of [A1+] to JSW Energy, indicating its strong liquidity position and ability to meet its short-term obligations. The ratings agency’s decision is based on a thorough analysis of the company’s financial performance, operations, and business strategy.

The upgrade in ratings is expected to improve JSW Energy’s access to capital markets, reducing its borrowing costs and enhancing its credibility among investors and lenders. The company’s commitment to expanding its renewable energy portfolio and improving its debt-to-equity ratio is expected to continue driving its financial performance and ratings over the long term.

JSW Energy assumes control of a 4.7 GW renewable energy portfolio – MSN

JSW Energy, an Indian power company, has taken over a 4.7 gigawatt (GW) renewable energy platform. The takeover is a significant move for JSW Energy, which aims to expand its clean energy portfolio and reduce its dependence on fossil fuels. The 4.7 GW platform comprises solar and wind power projects located across India, and the takeover is expected to boost JSW Energy’s installed capacity by a substantial 33%. The acquired platform includes operating and under-construction projects, which will enhance JSW Energy’s presence in the renewable energy sector. This move is part of the company’s strategy to achieve a low-carbon future and contribute to India’s climate change mitigation goals. With the takeover, JSW Energy expects to benefit from the synergies and economies of scale offered by the combined business, leading to improved operational efficiency and reduced costs. The development is seen as a positive step for the Indian renewable energy sector, which has been growing rapidly in recent years.

JSW Energy acquires 4.7 GW renewables portfolio, a significant expansion of its clean energy capabilities.

JSW Energy, an Indian energy company, has acquired a 4.7 gigawatt (GW) renewable energy platform from a global infrastructure investment firm. The acquisition is part of JSW Energy’s strategy to expand its renewable energy portfolio and reduce its carbon footprint. The platform, which is one of the largest in India, consists of solar and wind power projects located across the country. The projects have a combined capacity of 4.7 GW, making it one of the largest renewable energy acquisitions in India. The acquisition is expected to increase JSW Energy’s renewable energy capacity by 75% and help the company meet its target of generating 30% of its power from renewable sources by 2025. The deal is also expected to create employment opportunities and contribute to the growth of the renewable energy sector in India.

JSW Energy acquires 4.7 GW renewable energy platform in a significant expansion move.

JSW Energy, a leading Indian energy major, has acquired a 4.7 GW renewable energy platform from Singapore-based firm, BeyondNetZero. The acquisition includes a wind and solar power portfolio, with projects under development in India. The deal is expected to strengthen JSW Energy’s presence in the renewable energy sector and enable the company to achieve its goal of 20 GW in installed capacity by 2025. The acquired portfolio will also complement JSW Energy’s existing wind and solar assets in India, enhancing its overall diversified power generation capabilities. The acquisition is expected to support the growth of the company’s renewable energy portfolio and contribute to a more sustainable energy mix in India.

CERC Disapproves JSW Energy’s 500MW Storage Tender, Deal in Jeopardy

The Central Electricity Regulatory Commission (CERC) has cancelled the tender won by JSW Energy for a 500 MW/1000 MWh standalone battery energy storage system (BESS) project. The tender was won at a rate of Rs 10.88 per unit, but CERC rejected the adoption of the tariffs and margins. The commission cited the long delays by SECI (Solar Energy Corporation of India) in issuing the letter of award (LoA) and signing the Battery Energy Storage Sales Agreement (BESSA) with the distribution licensee Gujarat Urja Vikas Nigam Limited. The delays resulted in other tenders being awarded at lower rates, including one won by JSW Energy itself. The CERC concluded that the delays would not be in the best interest of consumers and referred to a similar case in the Supreme Court. The project, which was expected to be commissioned by June 2025, is now under question, with JSW Energy’s hopes of participating in the ancillary market with the open capacity uncertain.

JSW Energy’s 500MW Storage Tender Faces Hurdles with CERC’s Intervention

The Central Electricity Regulatory Commission (CERC) has rejected a tender for a 500 MW/1000 MWh standalone battery energy storage system won by JSW Energy due to the long delay in awarding the Letter of Award (LoA) and signing the agreement with the power purchasing utility, Gujarat Urja Vikas Nigam Limited (GUVNL). CERC cited that the delay had resulted in lower rates being achieved in subsequent tenders, making the original winning price of Rs 10.88/unit quoted by JSW Energy non-competitive. SECI, which conducted the e-Reverse Auction, is likely to not challenge the decision as it is already facing scrutiny for the Adani Group’s unsuccessful bid. CERC’s rejection effectively shuts down the project and raises concerns about the prioritization of consumers’ interests over generators’ interests in the energy market.

JSW Energy expands its renewable energy portfolio with the acquisition of 4.7 GW units from its arm.

JSW Neo Energy has signed agreements to acquire O2 Power’s renewable energy portfolio, comprising 4.7 GW of operational and under-construction capacity, for an enterprise value of $1.47 billion (Rs 12,468 crore). The deal is subject to regulatory approvals, including from the Competition Commission of India. The acquisition will make O2 Power subsidiaries of JSW Energy and help the company achieve its target of 20 GW capacity by FY2030. The deal strengthens JSW Energy’s positioning in the energy sector and increases its operational footprint across key resource-rich states in India. The acquisition is expected to be completed by May 2025, subject to fulfillment of conditions. JSW Energy’s Chief Executive Officer, Sharad Mahendra, welcomed the acquisition, saying it will deliver exceptional value to stakeholders. The company’s Chief Financial Officer, Pritesh Vinay, described it as a value-accretive opportunity that supports its growth ambitions.

The battle for supremacy: Adani Power takes on JSW Energy in the power sector.

The Indian power sector is witnessing a fierce competition between Adani Power and JSW Energy, two of the largest private power companies in the country. Adani Power, led by Gautam Adani, has been dominating the sector with its strong presence in the thermal power segment. The company has a total installed capacity of over 12,000 MW, with a significant presence in states like Gujarat, Maharashtra, and Rajasthan.

JSW Energy, on the other hand, is led by Sajjan Jindal and has a total installed capacity of over 5,000 MW. The company has a strong presence in the renewable energy segment, with a focus on solar and wind power. JSW Energy has also been aggressively expanding its thermal power capacity, with plans to add over 4,000 MW in the next few years.

The competition between the two companies is expected to intensify in the coming years, with both companies vying for market share and dominance in the power sector. Adani Power’s strong presence in the thermal power segment gives it an edge, but JSW Energy’s focus on renewable energy and aggressive expansion plans could help it catch up. Ultimately, the outcome will depend on various factors, including government policies, regulatory frameworks, and market trends.

JSW Energy acquires O2 Power for a whopping $1.47 billion

JSW Neo Energy Limited, a subsidiary of JSW Energy Limited, has agreed to acquire O2 Power Pooling, a 4.6 GW renewable energy platform, for an enterprise valuation of approximately Rs 12,468 crore ($1.47 billion). The platform is owned 51:49% by EQT Infrastructure and Temasek. The acquisition values the platform at an enterprise valuation of Rs 12,468 crore, after adjusting for net current assets. O2 Power has a capacity of 4.6 GW, with 2.2 GW operational by June 2025, 1.4 GW under construction, and 974 MW in the pipeline. The acquisition will strengthen JSW Energy’s operational footprint across key resource-rich states and increase its locked-in generation capacity by 23%. The transaction is subject to approval from the Competition Commission of India (CCI). This is the largest buyout of JSW Energy in India, and the company plans to achieve a 4.7 GW capacity by 2027, which would translate to an enterprise value of Rs 25,468-26,468 crore.

JSW Energy recruits high-level management professionals

JSW Energy, a leading Indian power generation company, has appointed senior management personnel to strengthen its leadership team. The appointments were made to drive the company’s growth strategy and enhance its operational efficiency.

According to a regulatory filing, JSW Energy has appointed S. K. Goyal as the Chief Financial Officer (CFO). Goyal has over 25 years of experience in the finance sector and has worked with companies such as Reliance Industries and Tata Steel.

The company has also appointed S. S. Mehta as the Chief Operating Officer (COO). Mehta has over 30 years of experience in the power sector and has worked with companies such as NTPC and Reliance Power.

Additionally, JSW Energy has appointed S. K. Jain as the Chief Commercial Officer (CCO). Jain has over 25 years of experience in the power sector and has worked with companies such as Tata Power and Adani Power.

The appointments are effective from April 1, 2023, and are subject to regulatory approvals. The new senior management team will work together to drive JSW Energy’s growth strategy and enhance its operational efficiency.

JSW Energy secures a 4,696-megawatt renewable energy platform from O2 Power for a transformative deal valued at Rs 12,468 crore.

JSW Neo Energy Limited, a subsidiary of JSW Energy Limited, has agreed to acquire a 4,696 MW renewable energy platform from O2 Power Pooling Pte. Ltd. for approximately Rs 12,468 crores (USD 1.47 billion). The platform includes 2,259 MW of operational capacity, 1,463 MW under construction, and 974 MW in the pipeline. The acquisition will boost JSW Energy’s renewable energy capacity and increase its total locked-in generation capacity by 23% to 24,708 MW. The transaction is subject to approval by the Competition Commission of India and other customary approvals. The acquired platform has a blended average tariff of Rs 3.37 per unit and a remaining life of approximately 23 years. The acquisition is expected to be operationally integrated by June 2027. JSW Energy’s Joint Managing Director and CEO Sharad Mahendra expressed his excitement about the deal, stating that it strengthens the company’s position in the energy sector. The acquisition is expected to be value accretive to shareholders and support the company’s growth ambitions.

JSW Energy acquires O2 Power’s 4,696 MW renewable energy platform for a whopping Rs 12,468 crore, ET Manufacturing reports.

JSW Neo Energy Limited, a subsidiary of JSW Energy Limited, has signed a definitive agreement to acquire a 4,696 MW renewable energy platform from O2 Power Pooling Pte. Ltd. for approximately Rs12,468 crores (USD 1.47 billion). The platform includes 2,259 MW of operational capacity, 1,463 MW under construction, and 974 MW in the pipeline, with a blended average tariff of Rs3.37/KWh and a remaining life of approximately 23 years. The acquisition will increase JSW Energy’s total locked-in generation capacity by 23% and strengthen its operational footprint across seven resource-rich states in India. The acquired platform has a majority of its capacity secured under long-term power purchase agreements with high-credit-rating off-takers. The transaction is subject to approval by the Competition Commission of India and other customary approvals. JSW Energy’s Joint Managing Director and CEO, Sharad Mahendra, expressed enthusiasm about the acquisition, stating that it will deliver exceptional value to stakeholders. The deal is expected to be completed by June 2027.

JSW Energy to acquire O2 Power in a Rs 12,468 crore deal

JSW Neo Energy, a subsidiary of JSW Energy, has signed an agreement to acquire a 4,696 MW renewable energy platform from O2 Power Pooling Pte. Ltd, a joint venture between EQT Infrastructure and Temasek, for an enterprise valuation of nearly Rs 12,468 crore ($1.47 billion). The acquisition values the platform at an enterprise level, adjusted for net current assets, and is subject to regulatory clearances. The renewable energy platform has a capacity of 4,696 MW, with 2,259 MW operational, 1,463 MW under construction, and an additional 974 MW in the pipeline by 2027. The acquisition will increase JSW Energy’s locked-in generation capacity by 23%, from 20,012 MW to 24,708 MW. In separate news, UltraTech, the country’s largest cement manufacturer, has acquired an 8.69% stake in Star Cement for Rs 851 crore. Star Cement has a production capacity of 5.7 million tonne per annum and plans to expand to 9.7 million tonne per annum by 2025-26 and 12 million tonne per annum by 2027.

JSW Energy to Acquire O2 Power for $1.47 BillionThis version is concise and to the point, but still conveys the same information as the original line.

JSW Neo Energy Limited, a subsidiary of JSW Energy Limited, will acquire O2 Power Pooling, a 4.6 GW renewable energy platform. The acquisition values the platform at approximately Rs 12,468 crore, after adjusting for net current assets. O2 Power is jointly owned by EQT Infrastructure and Temasek. The transaction is subject to approval from the Competition Commission of India. The acquisition will increase JSW Energy’s locked-in generation capacity by 23% to 24.7 GW. O2 Power has a capacity of 4.6 GW, with 2.2 GW operational, 1.4 GW under construction, and 974 MW in the pipeline, all scheduled for commissioning by June 2027. The platform has a blended average tariff of Rs 3.37/KWh, with a remaining life of 23 years. The acquisition is expected to strengthen JSW Energy’s operational footprint in key resource-rich states. JSW Energy’s Joint Managing Director and CEO, Sharad Mahendra, stated that the acquisition “strengthens our operational footprint across key resource-rich states” and “these high-quality assets will enable us to achieve our ambition of 20 GW capacity by 2030.”

JSW Energy’s arm agrees to acquire a 45 MW wind power project from Reliance Power for a consideration of approximately Rs 132 crore.

JSW Energy’s arm, JSW Neo Energy, has signed a pact with Reliance Power to acquire a 45 MW wind project in Gujarat for Rs 132 crore. The project, located in the state’s Kutch region, has a total installed capacity of 45 MW and is expected to generate 122 million units of electricity annually. The acquisition is part of JSW Neo Energy’s strategy to expand its renewable energy portfolio and reduce its carbon footprint. The project is expected to be operational by the end of 2023, and will help JSW Neo Energy meet its target of adding 1,000 MW of renewable energy capacity by 2025. The deal is subject to regulatory approvals and is expected to be completed by the end of 2022. With this acquisition, JSW Neo Energy’s total renewable energy capacity will increase to over 1,200 MW, making it one of the largest renewable energy companies in the country.

JSW Energy to Acquire O2 Power’s Assets for $1.47 Billion, Backed by Temasek

JSW Energy, a leading Indian power generation company, has announced its plan to acquire O2 Power, a mid-sized independent power producer backed by Temasek and EQT, in a deal worth $1.47 billion. The acquisition is expected to accelerate JSW Energy’s growth in the renewable energy segment, which has been a key focus area for the company. O2 Power has a platform of 4,696 megawatts (MW) of renewable energy capacity, making it a significant addition to JSW Energy’s portfolio. The deal is seen as a strategic move by JSW Energy to expand its renewable energy capacity and diversify its power generation portfolio. The acquisition is also expected to strengthen JSW Energy’s position in the country’s renewable energy market, which is expected to see significant growth in the coming years. The deal is subject to regulatory approvals and is expected to be completed by the end of 2023. With this acquisition, JSW Energy is expected to increase its total installed capacity by over 25% and emerge as one of the largest private sector power companies in India.

Neo Energy, a subsidiary of JSW, has announced a deal to acquire O2 Power for an enterprise value of $1.47 billion.

JSW Neo Energy, a subsidiary of JSW Energy Ltd, is acquiring O2 Power, a 4.7 GW renewable energy platform, for an enterprise value of $1.47 billion. O2 Power is owned by European alternative asset manager EQT and Singapore’s Temasek, who will exit the company. The acquisition is subject to approval from the Competition Commission of India and other customary approvals. The deal is expected to increase JSW Neo Energy’s locked-in generation capacity by 23% to 24,708 MW. O2 Power has a capacity of 4,696 MW, with 2,259 MW operational, 1,463 MW under construction, and 974 MW in the pipeline. The acquisition is expected to be value-accretive to JSW Energy’s shareholders, with a mid-teen equity IRR. The deal also marks a significant milestone for JSW Energy, which has a vision to commission a total power generation capacity of 20 GW by 2030. The acquisition is expected to strengthen JSW’s position in India’s energy sector and strengthen its operational footprint across key resource-rich states.

South Korea’s LG Energy and Indian firm JSW Energy partner to launch a $1.5 billion battery venture in India.

LG Energy Solution (LGES) and JSW Energy are in discussions to establish a battery manufacturing joint venture (JV) in India, with a planned investment of over $1.5 billion. The partnership would see LGES provide technology and equipment for battery production, while JSW Energy would provide the financial investment. The JV would include the construction of a 10GWh battery plant in India, with JSW expected to use approximately 70% of the capacity for energy storage and electric vehicles. The agreement is non-binding, with both companies aiming to finalize the talks over the next few months. The plant is expected to be operational by the end of 2026. This collaboration would mark a strategic move for LGES, allowing it to tap into India’s growing electric vehicle market, where it already supplies batteries to e-scooter manufacturers. For JSW Energy, this partnership builds on its prior investments in MG Motor’s India unit and SAIC Motor, and is part of its strategy to develop its own electric vehicle brand and expand its presence in the automotive sector.

JSW Energy Hybrid Project receives an investment of Rs 83.26 Crores from IMFA.

Indian Metals & Ferro Alloys (IMFA) is launching a 100,000 tons per annum greenfield facility in Kalinganagar, Odisha to increase ferrochrome production, with production set to start in June 2026. To power the facility, IMFA has partnered with JSW Green Energy to source renewable energy through a hybrid project combining 50 MW of solar and 100 MW of wind power. The 25-year power purchase agreement (PPA) will provide a stable and reliable source of energy. This move is part of the company’s efforts to reduce its reliance on fossil fuels, as Indian firms are increasingly adopting renewable energy sources to power their operations. Meanwhile, JSW Energy, a Mumbai-based company, has secured multiple renewable energy projects, taking its total locked-in power generation capacity to 20 GW, with 3.1 GW of RE C&I capacity. This includes 2,654 MW of JSW group captive capacity and 445 MW of third-party capacity.

JSW Neo expects a strong start in the O2 Power tournament, with Macquarie also in the fray.

JSW Neo Energy, a subsidiary of JSW Energy, is the lead bidder to acquire O2 Power, a renewable energy platform held by EQT Partners and Temasek Holdings. Other contenders include Macquarie Group and Stonepeak Capital. The sale is said to be valued between $600-700 million, excluding debt, with potential buyers falling short of sellers’ expectations of $800-1 billion. O2 Power has a renewable energy portfolio of 3.77 GW, with a project pipeline of 1.05 GW for the next two years and a target capacity of 4 GW by FY26. JSW Neo aims to reach 20 GW of renewable energy capacity by 2030 and currently has 7.7 GW of green energy projects under construction. O2 Power’s debt stands at $800-900 million, with offers in the range of $1.35-1.5 billion, inclusive of debt. The deal is a significant one in India’s renewable energy sector, considering the growth prospects of India’s clean energy space and the interests of EQT and Temasek to expand their presence in India.

DCM Shriram and JSW Energy join forces on 68 MW wind-solar hybrid project

DCM Shriram Ltd. has collaborated with JSW Energy to develop a 68 MW wind-solar hybrid project. The project aims to supply renewable energy to DCM Shriram’s manufacturing facility in Kota, Rajasthan. The initiative showcases the company’s commitment to sustainable and eco-friendly operations. The agreement was formally signed and exchanged during a ceremony attended by senior representatives from both organizations. This partnership highlights DCM Shriram’s vision of driving progress through innovation and sustainability. The wind-solar hybrid project will not only reduce the company’s carbon footprint but also minimize its reliance on non-renewable energy sources.

Six top-performing mutual funds exited 13 stocks in November, including Jio Financial Services and Adani Ports, marking notable changes in their investment portfolios.

SBI Mutual Fund, one of India’s largest mutual fund houses by asset size, fully exited KEC International in November. Other notable mutual funds, including ICICI Prudential Mutual Fund, sold their stakes in various companies. ICICI Prudential MF completely exited from Jio Financial Services, JSW Energy, and Premier Energies. This information is based on data from ET Intelligence and Accord Fintech. While SBI Mutual Fund’s exit from KEC International is significant, it is not the only case of a complete exit by a top mutual fund. It will be important to monitor these exits to gauge trends in the Indian stock market and identify potential opportunities or red flags for investors.

Maharashtra State Electricity Distribution Company Limited has filed a petition against JSW Energy’s billing claims at the Maharashtra Electricity Regulatory Commission.

JSW Energy Ltd has informed that Maharashtra State Electricity Distribution Company Ltd (MSEDCL) has filed a petition with the Maharashtra Electricity Regulatory Commission (MERC) challenging the invoices raised by JSW Energy. This comes after JSW Energy filed a petition in December to recover unpaid dues from MSEDCL for electricity supplied. The dispute revolves around outstanding invoices issued by JSW Energy to MSEDCL, but the exact amount has not been disclosed. The matter will now proceed through MERC’s adjudication process. This development is a result of a previous MERC order on July 22, 2024, which ruled that the PPA between JSW Energy and MSEDCL is not governed by a direction issued by the Central Government in May 2022. As a result, JSW Energy has raised invoices based on the tariff agreed upon in the PPA, but MSEDCL has been paying according to a different tariff. The dispute has led to a petition from JSW Energy to MERC for adjudication.

JSW Group secures land for its flagship Rs 25,000 crore projects

The Maharashtra Government’s efforts to attract investments are paying off, with a renowned company, JSW Energy PSP Eleven Ltd, planning to set up a mega project in the Butibori industrial area. The company has proposed to invest Rs 25,000 crore, out of which Rs 20,000 crore will go into a lithium-ion cell/battery plant and the remaining Rs 5,000 crore into a power plant and ancillaries. The project is expected to generate employment opportunities for 5,000 persons. The company has sent a letter to the Maharashtra Industrial Development Corporation (MIDC) requesting the allotment of 550-600 acres of land for the project. Sources indicate that the land allotment is likely to happen soon, with Chief Minister Devendra Fadnavis personally following the matter. The project is planned to be set up in phases, with the first phase focusing on a battery plant that will cater to various applications, including electric vehicles. The facility is expected to expand in later phases to produce a broader range of products, boosting the region’s industrial profile.

Air pollution from JSW Energy’s plant in Ratnagiri, Maharashtra, has reportedly impacted the health of 59 students.

A tragic incident occurred at JSW Energy’s plant in Ratnagiri, Maharashtra, where 59 students from a nearby school were affected by fumes emanating from a storage tank. The students, who were in school when the fumes spread, complained of watery eyes, irritation, and nausea. Some were taken to nearby hospitals, including three who were admitted to the ICU with more severe symptoms. The fumes were identified as Ethyl mercaptan, a colorless, flammable liquid used as an odorant for natural gas and in plastics production. Authorities are investigating the source and composition of the fumes to assess potential health risks. The students are under observation and are expected to be discharged from hospitals on Friday afternoon, pending a thorough check-up by doctors. The incident occurred during the cleaning process of the tank, and JSW Energy initially denied any such incident taking place on their premises.

Toxic emissions from JSW Energy’s plant in Maharashtra’s Ratnagiri have left over 30 students struggling for breath, with a few requiring hospital treatment.

In Ratnagiri, Maharashtra, a storage tank at JSW Energy’s plant released fumes, affecting over 30 students at a nearby school, Jaigad Vidya Mandir. The fumes, containing Ethyl mercaptan, a colorless, flammable, and highly odorous liquid, caused “watery eyes and irritation” in over 30 students out of 250. Some students were hospitalized for treatment. The incident occurred during the tank cleaning process. A police official explained the purpose of Ethyl mercaptan, but a JSW Energy spokesperson declined to comment. The incident is still developing.

JSW Energy Aims to Reach 10 GW of Power Generation Capacity by March 2025, Confirms CEO

JSW Energy Ltd. is expected to reach a production capacity of 10 gigawatts (GW) by the current financial year, driven by its renewable energy segment. The company’s total operational capacity is currently around 7.7 GW, with only 47% coming from thermal sources and over 50% from renewable energy. CEO Sharad Mahendra believes the government’s goal to achieve 500 GW of renewable energy by 2030 presents a significant opportunity for the company. By March FY25, JSW Energy plans to reach a capacity of 10 GW, with 60% coming from renewable sources and 40% from thermal sources. The company also has a pipeline of 9 GW of renewable energy projects, which it aims to add to its capacity.

JSW Energy Requests MERC to Intervene in Tariff Dispute Affecting Ratnagiri Power Supply

JSW Energy Ltd. plans to file a petition with the Maharashtra Electricity Regulatory Commission (MERC) to resolve a dispute over the tariff for power supplied from its Ratnagiri unit. The company claims that it is owed a certain tariff under a power purchase agreement (PPA) with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) for the supply of 300 MW of power. However, MSEDCL is paying the invoices at a tariff set by the Centre in May 2022, which was issued under the Electricity Act 2003. The company believes that this tariff is lower than the one agreed upon in the PPA. The MERC had previously ruled that the Centre’s direction would not apply to JSW Energy’s Unit-1. The company is seeking the adjudication of the dispute by the MERC to determine the correct tariff.

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