JSW Energy has signed a definitive agreement to acquire 100% equity shares of Maruti Clean Coal and Power Limited for an enterprise value of ₹1,410 crore. The transaction involves the purchase of a 300 MW thermal power plant located in Korba, Chhattisgarh, which will become a wholly-owned subsidiary of the company upon completion. This acquisition is aimed at strengthening JSW Energy's thermal portfolio and supporting its growth strategy to achieve a 30 GW capacity target by FY 2030.

Deal Structure and Conditions

The definitive agreement was signed with Kolahai Infotech Private Limited and SFI Parcel Services Private Limited. The transaction is structured as a cash consideration and is subject to receipt of necessary regulatory approvals and other customary conditions, including approval from the Government of Chhattisgarh for the transfer of CSIDC land and consent from existing lenders. The deal envisages a Long Stop Date of July 31, 2026.

Financial Overview of Maruti Clean Coal and Power Limited

Maruti Clean Coal and Power Limited, incorporated on March 8, 1999, operates the 300 MW thermal power plant in Chhattisgarh. The asset is expected to be EBITDA and PAT-accretive for JSW Energy, while also reducing net leverage. The financial performance of the target entity is presented below:

Capacity Impact and Strategic Fit

JSW Energy currently operates an installed thermal capacity of 5,658 MW. Following the closure of this transaction, the company's total installed and locked-in thermal capacity will reach 5,958 MW and 10,958 MW respectively. The acquisition aligns with the company's disciplined 'Build vs. Buy' approach to pursue value-accretive inorganic opportunities.

The company has a total locked-in generation capacity of 32.1 GW, comprising 13.9 GW operational and 13.6 GW under construction across thermal, hydro, and renewables. JSW Energy aims to reach 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030.

JSW Energy Limited has successfully commissioned the 150 MW Tidong Hydro Project in the Kinnaur district of Himachal Pradesh, increasing its total installed capacity to approximately 13,900 MW. The project, executed by subsidiary JSW Neo Energy Limited, was completed ahead of the previously guided timeline of October 2026. This addition is expected to be earnings-accretive in FY27, supported by a remunerative tariff and the ongoing hydro season.

The Tidong Power project is a run-of-river hydro-electric power plant and marks the company's fourth hydro asset in Himachal Pradesh. It features a long-term Power Purchase Agreement with Uttar Pradesh Power Corporation Ltd for 75 MW of power procurement between May and October at a tariff of ₹5.57/KWh. The plant's proximity to the existing Karcham Wangtoo plant is anticipated to generate operational synergies.

With this commissioning, the total installed capacity added by the company in Q1 FY27 stands at approximately 445 MW. This includes 225 MW of wind, 70 MW of solar, and the newly commissioned 150 MW of hydro capacity. The development reinforces JSW Energy's position as India's largest private hydropower player.

Capacity Overview

The company's total locked-in generation capacity now stands at 32.1 GW. This comprises 13.9 GW of operational capacity and 13.6 GW under construction across thermal, hydro, and renewable sectors. Additionally, JSW Energy has a pipeline of 4.6 GW and 29.6 GWh of locked-in energy storage capacity, which includes 26.4 GWh from hydro pumped storage projects and 3.2 GWh from battery energy storage systems.

Strategic Targets

JSW Energy aims to reach 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030. The company has also set a target to achieve Carbon Neutrality by 2050. Sharad Mahendra, Joint Managing Director and CEO, highlighted that the commissioning reflects the company's execution capabilities and focus on a diversified generation portfolio.