JSW Energy Limited has allotted 50,000 unsecured, listed, rated, taxable, redeemable non-convertible debentures (NCDs) aggregating ₹500 crore through a private placement. The allotment was approved by the company's Finance Committee on September 28, 2026.

The NCDs have a face value of ₹1,00,000 each and a tenure of seven years, maturing on September 28, 2033. The instruments are listed on the BSE Limited. The coupon rate is set at the benchmark rate of 7.85% plus a spread of 0.05%, resulting in an effective interest rate of 7.90%.

Instrument Details

The issuance is part of a broader fund-raising plan approved by the Board of Directors on January 28, 2025, which authorized raising up to ₹3,000 crore through various instruments including rated and listed NCDs. The specific allotment details are as follows:

Redemption Schedule

The principal amount will be redeemed at par in three equal tranches over the final three years of the instrument's life. Interest payments are scheduled semi-annually from March 28, 2027, until maturity.

What the Numbers Show

The structure of the debt highlights a balanced approach to liability management. By opting for a 7.90% coupon, JSW Energy secured funding at a spread of just 5 basis points over the benchmark rate, indicating strong credit standing or favorable market conditions for its paper. Furthermore, the amortization schedule reveals that 66.66% of the principal is repaid in the last two years (2032 and 2033), while the remaining 33.33% is serviced in 2031. This back-loaded repayment profile allows the company to utilize the capital for longer periods before facing significant cash outflows for principal repayment, potentially aligning with long-term asset creation cycles typical in the energy sector.

JSW Energy has finalized turbine-generators for its full 3,200 MW Salboni thermal project, signing a contract with Toshiba JSW for the 1,600 MW Phase-II order and completing equipment orders for both phases.

Project overview

The Salboni thermal project spans a total capacity of 3,200 MW, structured across two phases of 1,600 MW each. With the latest contract signing, JSW Energy has now secured turbine-generator equipment for the entire project, marking the completion of equipment procurement across both phases.

Phase-II contract details

The following table summarizes the key details of the equipment procurement for the Salboni thermal project:

The Phase-II contract was signed with Toshiba JSW, covering the supply of turbine-generators for the 1,600 MW second phase. This follows the earlier finalization of equipment for Phase-I, bringing the full 3,200 MW project's procurement to completion.

Significance of completed procurement

The completion of turbine-generator orders for both phases represents a key milestone in the development of the Salboni thermal project. Turbine-generators are among the most critical long-lead equipment items in thermal power projects, and their procurement marks a significant step in the project execution timeline for JSW Energy.