Integrated Annual
Report 2023-24
Integrated Annual
Report 2023-24
JSW Energy Limited (JSWEL) is amongst India’s leading independent power producers with a locked-in platform capacity of 13.2 GW. We are a part of India’s leading conglomerate, the USD 24 billion JSW Group. JSW Energy is participating in India’s energy transition by scaling higher its renewable energy capacity, further improving its visibility, foraying into energy products and services and building an integrated portfolio of power generation and energy storage assets.
Today, we are in a strong position to capitalise on India’s growing appetite to reduce emissions. Drawing on our firm foundations, and on the backdrop of climate change challenges, we are advancing India’s ambition to become a Net Zero company before 2050. We aim to achieve this by ensuring robust contribution from our renewable energy portfolio and transitioning towards energy products and services.
We are well placed to achieve 10 GW of generation capacity by FY 2025, with investments in new-age businesses. We continue to work on our goal of achieving total capacity of 20 GW in power generation and 40 GWh of energy storage before 2030, mainly through renewable capacity addition, being aligned with India’s renewable energy growth trajectory and helping the nation tackle emissions reduction.
With a vision and purpose aligned around our six strategic pillars, we remain focussed on our key objective of powering a safer future and meeting India’s growing demand for power sustainably. Our vision is to become India’s leading power generation company, driven by our transition from plain vanilla power generation to being an energy products and services company. While being ecologically sensitive through our robust Environmental, Social and Governance practices and an inclusive growth strategy, our purpose is to deliver value to all stakeholders.
Providing reliable, affordable and sustainable power
To be a leading integrated power company with presence across the value chain
Staying true and delivering what we promise both internally and externally. Consistently striving to ensure results. Being honest and transparent in all our conduct and disclosures. Being responsive to the needs of our stakeholders. Going by the letter and the spirit of the law.
Dreaming big and challenging status quo. Setting high goals for ourselves with confidence and conviction. Trying innovative methods or solutions.
Working together with mutual trust & openness, to forge the path to success for a shared purpose.
Acceptance & managing changes and uncertainty with speed. Openness to learn and adapt.
Caring and being considerate about the impact of our actions on our people, environment and society. Promoting well-being of all, at and beyond work.
locked-in capacity
Energy StorageSolar Module, Wind Turbine Generator and Green H2
Renewables and Green H2
Note: Map of India representation – scaling may not be accurate
10 MW Rooftop distributed across various sites
Including under-construction and pipeline projects
To become a 20 GW Power Generating company and a 40 GWh Energy Storage company
To become Carbon Neutral by 2050
Green HydrogenTapping a significant clean energy market opportunity in India and emerging a front-runner in a future hydrogen economy. Signed offtake agreement with JSW Steel for 3,800 tonnes per annum of Green Hydrogen. In addition, company has been allotted 6,500 tonnes per annum under Strategic Interventions for Green Hydrogen Transition (SIGHT) programme.
Energy Storage (Hydro Pumped Storage and Battery Energy Storage)Targeting 40 GWh / 5 GW of Energy Storage capacity by 2030, and being a leading player in energy storage solutions.
Energy Services and ProductsForaying into green hydrogen and its derivatives and downstream chemicals like green methanol, ethanol and sustainable aviation fuel. Additionally, developing a value chain for derisking our supply chain by foraying into solar module and WTG manufacturing.
Financial Capital is the key to realising growth ambitions and create value for all stakeholders by generating, deploying and accessing other forms of capital. The Company’s equity, reserves, debt and cashflows helps sustain operations and make new investments to enhance returns.
Manufactured Capital and our supply chain network are the key to achieving manufacturing and operational excellence through best-in-class assets that help us generate and deliver power and give us a competitive advantage. Our advanced technologies and global best practices enhance the reliability of our supply, while growing our market share.
A safe, vibrant and rewarding environment that we provide to our employees helps us deliver on our desired goals. Our inclusive culture and practices help foster passion, excellence, innovative spirit and critical skillsets, and provide safety and the well-being to our employees.
Our ecosystem of maintaining strong, lasting and trust based relationships with our clients and all other stakeholders, including our supply chain partners, communities and our customers. This multi-stakeholder approach helps enhance long-term stakeholder value and bring life to our vision.
This reflects our commitment for a positive impact on the environment. Our constant focus while conducting our business operations remains on improving our environmental performance and helping the nation transition to a lowcarbon economy.
Intellectual Capital constitutes our technological developments that help us drive innovation and achieve operational excellence through our industry proficiency and experience. We nurture and implement innovative ideas while transitioning towards new-age businesses.
As we aim to become a 20 GW company before 2030, our future growth roadmap will mainly be led by renewables. We are working towards reaching 10 GW by FY 2025, and further to 20 GW before FY 2030, besides also being a leading and effective player in the energy storage space. We aim to play a significant role towards India’s clean energy transition and a carbon-free future, and also capitalise on the emerging era of renewable power generation and energy storage.
(With incremental capacity predominantly from renewable sources)
FY 2025
FY 2030
At JSW Energy, we have a strategic plan to reduce our carbon footprint and to achieve “Net Zero” carbon emissions by 2050, or earlier. We have set a roadmap of achieving renewables-led growth to 20 GW by 2030. We have a target for 40 GWh / 5 GW of Energy Storage capacity before 2030, which is a crucial bridge for energy transition to address intermittency issues with renewable energy generation.
We have pledged towards various climate-related initiatives such as Global Framework for Decarbonising Heavy Industry, Responsible Energy Initiative India and are strengthening increased investments in renewable energy sources.
Ratnagiri
Barmer
Vijayanagar
Nandya
Ind-Barath
Karcham Wangtoo
Baspa II
Solar
Acquired RE Assets
SECI IX
SECI X
Kutehr
Group Captive (JSW Steel)
SECI XII
Won RE bids of 3.4 GW; 35% increase in locked-in capacity to 13.2 GW
Sychronised Ind-Barath Unit 1 (350 MW)
Net generation increased by 12% YoY with focussed interventions
SECI IX (810 MW) + SECI X (454 MW) Signed 25-year PPA with SECI
Cmmissioned 340 MW by FY 2024; Balance to be commissioned in a phased manner by CY 2024
SECI XII (300 MW) + Group Captive (95 MW) Signed 25-year PPA
Progressive Commissioning in a phased manner by CY 2024
3X80 MW run of the river Hydro Plant Project
Signed 35-year PPA with Haryana Power Purchase Center in March 2022
Commissioning: FY 2025
Signed 25-year PPA with JSW Steel
Progressive Commissioning in a phased manner by CY 2024
Signed 25-year LT PPA with JSW Steel
Progressive Commissioning in a phased manner by CY 2024
Ind-Barath Thermal Power
Plant Unit 2 (350 MW) Merchant Power Sychronisation: H1 FY 2025
Received by Ratnagiri Plant from British Safety Council for excellence in Occupational Health and Safety
JSW Energy was conferred with CAP 2.0° ‘Resilient Award’ in the Energy, Mining and Heavy Manufacturing Sector
Karcham Wangtoo & BASPA II plants recognised for Occupational Health & Safety (OHS)
Barmer Plant accredited with the ‘Prashansa Patra’ from National Safety Council for Occupational Health & Safety (OHS)
JSW Energy has won the ‘Best Air Pollution Management Award’ for actively leading ESG transformation and commitment towards sustainability
Vijayanagar Plant won the prestigious GMF Green Crest Diamond Award in the Energy Conservation Category
Rated 72/100 for ESG Performance under Corporate Sustainability Assessment (CSA)
Ratnagiri plant was awarded with ‘Excellence in Water Optimisation’ by CII-Mission Energy; and also won the SEEM Platinum Award for excellence in Thermal Power Plant category
Received Gold Award for Best Annual Report, Award for the Top 80 Reports, and among Top 10 Indian Reports (Global Award)
Received “A-” (leadership band) for Climate Change
Received “B” (Management Band) for Water Security
Received ESG Risk Rating Score of 23.2 from Morningstar Sustainalytics, indicating medium risk
