Integrated Annual
Report 2024-25
Integrated Annual
Report 2024-25
At JSW Energy Limited (JSWEL), we are amongst India’s leading independent power producers with a locked-in platform capacity of 30 GW. We are a part of the USD 23 billion JSW Group, one of India’s leading conglomerates. As India reaches a significant milestone in its renewable energy journey, and remains steadfast in its transition towards clean energy and achieves the fastest pace of renewable capacity addition amongst the major economies, we are supporting India’s ambitious transition goals by building an integrated portfolio of power generation and energy storage assets and with our foray into energy products and services.
Wind Project, Sandur
With India’s strong resolve for energy security and the country’s shift towards a low-carbon economy, we are strategically poised to enable the country’s changing energy matrix. This encompasses a large-scale transition to clean energy sources and improved energy efficiency.
On top of our solid foundations, we are working towards a target of being a Net-Zero company by 2050. This shift is supported by our increasing renewable energy portfolio and an expanding emphasis on sustainable and reliable energy products and services. While this is happening, we also acknowledge the critical role that thermal energy plays in maintaining energy security and offering reliable baseload capacity. While speeding up our clean energy drive, we are determined to pursue responsible thermal power development so as to ensure grid resilience and serve the current and future energy needs of the nation.
By virtue of our foray into new-age energy businesses, we successfully achieved ~11 GW of generation capacity exceeding our FY 2025 target of 10 GW. Building on this momentum, we have revised our growth ambitions and are now targeting 30 GW of generation capacity and 40 GWh of energy storage by FY 2030. This expansion will be driven primarily through additions to our renewable energy portfolio, underscoring our commitment to supporting India’s clean energy transition, while ensuring long-term energy security.
With a vision and purpose of strengthening the nation’s energy security, powered by our six strategic pillars, we remain focused on our key objective of supporting India in its strong move towards energy security and clean energy leadership on the global stage. We have a vision to become India’s leading power company with presence across generation and energy products & services. We remain focused on delivering value to all our stakeholders by capitalising well on our robust Environmental, Social and Governance practices and an inclusive growth strategy.
Providing reliable, affordable and sustainable power
To be a leading integrated power company with presence across the value chain
Staying true and delivering what we promise both internally and externally. Consistently striving to ensure results. Being honest and transparent in all our conduct and disclosures. Being responsive to the needs of our stakeholders. Going by the letter and the spirit of the law.
Dreaming big and challenging the status quo. Setting high goals for ourselves with confidence and conviction. Trying innovative methods and solutions.
Working together with mutual trust and openness, to forge the path to success for a shared purpose.
Acceptance and managing changes and uncertainty with speed. Openness to learn and adapt.
Caring and being considerate about the impact of our actions on our people, environment and society. Promoting well-being of all, at and beyond work.
Ratnagiri Thermal Power Plant
In our endeavour to become a 30 GW company by FY 2030, we are marking a major shift in our energy landscape and relying on both green power and responsible thermal power to map our targets with the nation’s energy security needs. Having surpassed our generation capacity beyond 10 GW in FY 2025, we are continuing this momentum to become a 30 GW company by FY 2030, and a leading and effective player in the energy storage space with 40 GWh of capacity.
By investing responsibly in thermal energy, we are ensuring long-term energy security and providing essential baseload support to complement our renewable energy growth.
(With incremental capacity having mix of thermal and renewables)
As we strengthen our investments in renewable energy sources, we have pledged towards various climate-related initiatives such as Global Framework for Decarbonising Heavy Industry, Responsible Energy Initiative India. Our commitment towards UN ENERGY COMPACT and alignment with paris agreement 1.50 scenario depicts a robust understanding of Net-Zero, to be achieved through inclusive and transparent disclosures.
Solar Plant near Sholtu Hydro Project
Tapping a significant clean energy market opportunity in India and become a front-runner in a future hydrogen economy.
Targeting 40 GWh of Energy Storage by FY 2030, through both Hydro Pumped Storage and Battery Energy Storage.
Investment in power equipment manufacturing for de-risking the supply chain.
Financial Capital plays a crucial role in generating, deploying and accessing other forms of capital. It includes equity, reserves, debt and cashflows to sustain our operations and facilitates our new investments and enhancing returns.
Net Profit
EBITDA
Net Worth
Manufactured Capital includes our best-in-class power plants that help us generate and deliver power. Our plants with advanced technologies help us enhance the reliability of our supply, while managing our environmental footprint.
Locked-in portfolio
Installed capacity
Based on locked in capacity
Human Capital encompasses our people with an innovative mindset and diverse abilities that helps us deliver on our desired goals. Our inclusive culture and practices help foster critical skillsets, leadership development, safety and the well-being of our employees.
Number of Employees
Number of Training Manhours
Our multi-stakeholder approach helps play a key role in enhancing long-term stakeholder value.
Total CSR Spend
Number of Direct Beneficiaries Impacted
In Natural Capital, our constant focus remains on minimising our environmental footprint with responsible business practices.
Number of Saplings Planted
Intellectual Capital constitutes our industry proficiency, experience, ability to innovate and adopt new technologies that help us deliver operational excellence, transition towards new-age business and become future-ready.
Investment towards Technology Upgradation
Investment committed towards Digitalisation
Commissioned 1.3 GW of organic wind capacity (highest in the sector), about one-third of India’s wind capacity addition of 4.2 GW
The transaction has been consummated in April 2025 with an operating capacity of 1.34 GW
Raised ₹ 5,000 crore growth capital through QIP from marquee institutional investors to accelerate growth
Acquired 3.6 GW KSK Mahanadi Plant through NCLT route, Utkal 700 MW fully commissioned, PPA signed with WBSEDCL for a greenfield 1.6 GW supercritical plant
Achieved sector-leading ‘A’ Rating for ESG from MSCI, Great Place to Work Certified for the 3rd consecutive year and among the Top 25 Best Workplaces in the manufacturing sector
Thermal
Configuration: 4 X 300 MW
Units operating: since 2010
Technology: Sub-critical TPP
Fuel source: Imported Thermal Coal
Power offtake: Long Term PPA: 92%
Power Plant, Utkal
Configuration: 2x130 MW and 2x300 MW
Units operating: since 2000
Technology: Sub-critical TPP
Fuel source: Imported Thermal Coal
Power offtake: Tied-up: 100%*
* from Q1 FY 2026
Configuration: 2 X 350 MW
Units operating: fully commissioned in FY 2025
Technology: Sub-critical TPP
Fuel source: Domestic Thermal Coal
Power offtake: Merchant
Configuration: 6 X 600 MW
Units operating: 1,800 MW : 3 X 600 MW
Technology: Sub-critical TPP
Fuel source: Domestic Thermal Coal
Power offtake: 95% tied up in long and medium term PPAs for operating 1,800 MW
Configuration: 8 X 135 MW
Units operating: since 2009
Technology: Sub-critical
Fuel source: Captive Lignite mines of BLMCL
Power offtake: Long Term PPA: 100%
Configuration: 1x18 MW
100% Long Term PPA Group Captive scheme
Green Business
Configuration: 4 x 272.75 MW
Units operating: since 2011
Technology & Fuel source: Hydro
Power offtake: Long Term PPA with PTC for 35 Yrs (1,000 MW); short term (91 MW)
Barrage, JSW Hydro Sholtu
Configuration: 3x100 MW
Units operating: 2003
Technology & Fuel source: Hydro Power
offtake: Long Term PPA with HPSEB for 40 Yrs
Mytrah Wind – 1,331 MW
SECI IX – 670 MW
SECI X – 454 MW
JSW Steel – 522 MW
Vashpet – 45 MW
Hetero Wind – 125 MW
Vijayanagar Captive - 225 MW
Mytrah Solar - 422 MW
Group Captive and Rooftop - 33 MW
A keen focus on optimum utilisation of resources, efficient operations, occupational safety and minimising environmental impact provide the Company with due recognitions each year. During the year, the Company also received the following awards:
