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JSW Energy to invest ₹14k cr to expand RE capacity of O2 Power
JSW Energy is planning to invest approximately ₹14,000 crore to scale up the renewable energy capacity of its newly acquired entity, O2 Power, to 4.7 gigawatts (GW) by 2027, senior company executives said. In addition, the firm aims to allocate up to ₹18,000 crore in FY26 to complete existing projects and support new growth initiatives.
The company's subsidiary, JSW Neo Energy Ltd, has acquired O2 Power's 4,696 MW renewable energy portfolio from O2 Power Pooling Pte Ltd for an enterprise value of ₹12,468 crore. Of the total, 2,259 MW will be operational by June 2025, 1,463 MW is under construction, and 974 MW is in the pipeline, the company said.
At present, O2 Power's installed capacity stands at 1.3 GW. JSW Energy plans to increase this to 4.7 GW by June 2027, backed by a capital outlay of ₹13,000–14,000 crore, Joint Managing Director Sharad Mahendra said during an analyst call.
For FY25, the capital expenditure stood at about ₹8,000 crore—lower than the guidance of ₹15,000 crore.
'Because of certain delays in some of the ongoing projects and because we were accelerating the inorganic growth pipeline, we calibrated it down,' the CFO said.
JSW Energy is currently building 11.3 GW of generation capacity, all secured under long-term Power Purchase Agreements (PPAs), Mahendra added.
This includes 9.7 GW of renewable energy and a 1.6 GW ultra-supercritical thermal power project at Salboni, marking the company's return to greenfield thermal investments after more than a decade.
'Beyond this, we have a robust project pipeline of approximately 4.9 GW, where Letters of Intent or Letters of Award have been secured and PPAs are yet to be signed,' Mahendra said.
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