JSW Energy has strengthened its thermal power portfolio with the signing of a second Power Purchase Agreement (PPA) with West Bengal State Electricity Distribution Company Limited (WBSEDCL). JSW Thermal Energy Two Limited, a wholly-owned subsidiary of the company, secured the agreement for a 1,600 MW greenfield thermal power plant at Salboni, West Bengal, marking a significant expansion of the company's presence in the state.

Project Specifications and Timeline

The new thermal power facility will comprise two units of 800 MW each, utilizing super/ultra-super critical technology. The project is scheduled for commissioning within 6 years and will be strategically located at Salboni, West Bengal. This represents the second PPA that JSW Energy has signed with WBSEDCL, following an earlier 1,600 MW agreement signed in March 2025.

Strategic Significance and Capacity Expansion

With this second agreement, JSW Energy's total capacity at the Salboni site will reach 3,200 MW, establishing it as the company's largest single-location asset. The project was awarded through a competitive bidding process and will benefit from domestic linkage coal allocated to West Bengal under the SHAKTI B (iv) policy framework.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, highlighted the strategic importance of this development: "This makes Salboni our largest single-location asset and reinforces our commitment to India's energy security through the supply of reliable and affordable power. The project benefits from its strategic proximity to coal blocks, as well as synergies with the existing 1,600 MW unit under construction, driving significant operational efficiencies."

Enhanced Thermal Portfolio

The agreement significantly bolsters JSW Energy's thermal generation capabilities. The company currently operates 5,658 MW of thermal generation capacity and has 3,200 MW under construction at Salboni. Additionally, the company holds an option to add 1,800 MW at KSK Mahanadi, which would bring the total thermal capacity to 10,658 MW.

Overall Generation Portfolio

JSW Energy's comprehensive generation portfolio demonstrates the company's diversified approach to power generation. The company has secured a total locked-in generation capacity of 32.1 GW, distributed across various stages of development and fuel sources.

The portfolio breakdown includes:

• 13.3 GW operational capacity
• 14.0 GW under construction across thermal and renewable projects
• 150 MW under-acquisition hydro capacity
• 4.6 GW pipeline capacity

Complementing its generation assets, JSW Energy has also secured 29.4 GWh of energy storage capacity through hydro pumped storage projects (26.4 GWh) and battery energy storage systems (3.0 GWh).

Future Growth Trajectory

The company has established ambitious targets for capacity expansion and environmental sustainability. JSW Energy aims to achieve 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030. The company has also committed to achieving carbon neutrality by 2050, aligning with global sustainability goals while maintaining its growth trajectory in India's evolving energy landscape.

JSW Energy Limited has secured crucial regulatory approvals for a substantial preferential securities issue, marking a significant capital-raising milestone for the renewable energy company. The approvals from both major Indian stock exchanges pave the way for the company to raise approximately ₹750 crores through equity and warrant issuance.

Stock Exchange Approvals Received

The company received in-principle approval from both BSE Limited and National Stock Exchange of India Limited on January 19, 2026. The approvals cover the issuance of securities to JTPM Metal Traders Limited, a member of the promoter group.

Issue Structure and Pricing

The preferential issue comprises two distinct components, both priced at ₹525 per security. Each equity share and warrant carries a face value of ₹10.00 with a premium of ₹515.00.

The convertible warrants provide holders the right to subscribe to one equity share per warrant at the same price of ₹525.00. All securities will be issued on a preferential basis exclusively to JTPM Metal Traders Limited.

Regulatory Conditions and Compliance Requirements

Both exchanges have imposed several conditions that must be fulfilled before the securities can be listed. The National Stock Exchange outlined five key compliance requirements:

• Filing of listing application immediately upon allotment
• Receipt of all statutory and regulatory approvals from SEBI, RBI, MCA, and other authorities
• Compliance with applicable guidelines and regulations at the time of listing application
• Adherence to SEBI LODR Regulations 2015, Companies Act provisions, and other applicable laws
• Submission of required documents and payment of applicable fees

Internal Controls and Trading Restrictions

The exchanges have emphasized the need for strengthened internal controls to monitor trading activities by proposed allottees. Specific requirements include:

• Obtaining undertakings from allottees confirming no intra-day trading in company scrip until allotment date
• Company responsibility to verify compliance with SEBI ICDR Regulations, particularly Regulation 167(6)
• Potential impact on listing if non-compliance is observed post-verification

BSE Limited has specified that the company must make a listing application within twenty days from the allotment date, as per Schedule XIX of ICDR Regulations and SEBI circular dated June 21, 2023.

Next Steps and Timeline

The company must now proceed with obtaining necessary statutory approvals and ensuring compliance with all regulatory requirements. The exchanges have reserved the right to withdraw in-principle approval if submitted information is found incomplete, incorrect, or misleading.

The approval documentation has been made available on the company's investor relations website, ensuring transparency for stakeholders. Both exchanges have issued digitally signed approval letters, with NSE's approval signed by Senior Manager Dipti Chinchkhede and BSE's approval signed by Manager Prachi Babadi and Deputy Manager Mayuri Visaria.