JSW Energy subsidiary commissions thermal power plant in Odisha

The company acquired Ind-Barath Thermal Power Plant (TPP) via NCLT proceedings in December 2022, following a resolution plan submitted during IBC proceedings in 2019.

"The rapid commissioning of the unit highlights commendable project execution skills, resilience, and outstanding teamwork. This achievement marks one of the swiftest turnarounds for a previously stalled thermal power project," the stock exchange filing stated.

The unit's activation is timely, aligning with a crucial phase of sustained high demand growth. It will play a key role in meeting the country’s rising base load demand, contributing significantly to fulfilling the country's energy security requirements, JSW Energy said.

The company said it is aiming for a 20 GW generation capacity and 40 GWh energy storage capacity by 2030. With a current locked-in capacity of 9.8 GW, JSW Energy is on track to meet its interim goal of reaching 10 GW by 2025. JSW Energy added that it has set a goal for 50% reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050.

Last week, sources told CNBC-TV18 last week that the company was in advanced stage to finalise investors for its arm JSW Neo. A few funds in the Middle East, with an interest in renewables, are keen on a stake in the subsidiary. Among these, include prominent investors in Qatar, who are eyeing a stake in JSW Neo, sources said.

At 10.15 AM, shares of JSW Energy were trading 1.46% lower at ₹476.45 per piece on BSE.