JSW Energy has outlined an ambitious growth roadmap aimed at achieving 30 GW of generation capacity, 40 GWh of energy storage and a 70% renewable energy portfolio by 2030, backed by a planned capital expenditure of more than ₹1.15 trillion over the next four years.
In his message to shareholders in the company’s Annual Report 2026, JSW Energy Chairman and Managing Director Sajjan Jindal said the company remains well-positioned to benefit from India’s rising energy demand, growing focus on energy security and accelerating adoption of renewable energy.
Long-term growth roadmap
Jindal said JSW Energy’s investment programme is the largest in the company’s history and will be guided by a disciplined returns framework with a minimum mid-teen internal rate of return (IRR) threshold.
“By year 2030, we are targeting 30 GW of generation capacity, 40 GWh of storage, and a 70% share of renewables, alongside a clear pathway to carbon neutrality by 2050,” he said.
According to Jindal, the structural drivers supporting the company’s growth have strengthened significantly, creating a favourable environment for long-term expansion.
Capacity addition gathers pace
JSW Energy reported a sharp rise in installed capacity over the past two years, increasing from 7.2 GW to 13.5 GW. During FY2026 alone, the company commissioned 2.6 GW of capacity, among the highest additions recorded in the Indian power sector.
The company’s total locked-in generation capacity now stands at 32.1 GW, comprising 13.5 GW of operational assets, 14 GW under construction and 4.6 GW under development.
Energy storage capacity has reached 29.6 GWh, including 26.4 GWh from pumped hydro projects and 3.2 GWh from battery energy storage systems.
Hydro portfolio strengthens leadership
The acquisition of the Tidong hydro power plant in Himachal Pradesh has further reinforced JSW Energy’s position as India’s largest private hydro power producer.
Jindal said hydro assets offer critical advantages in a renewable-heavy power grid due to their ability to provide dispatchable clean energy, long operational life and inherent storage capabilities.
Combined with the company’s pumped hydro projects, the hydro portfolio is expected to play a key role in providing grid-balancing solutions as renewable energy penetration rises.
Renewables remain growth engine
Renewable energy continued to be the cornerstone of JSW Energy’s expansion strategy during FY2026.
The company added 1.2 GW of renewable capacity through organic growth, including 378 MW of wind power, 240 MW of hydro power and 618 MW of solar capacity.
As a result, total renewable capacity increased from 5.2 GW in FY2025 to 7.8 GW in FY2026 through a combination of organic and inorganic expansion.
A major milestone during the year was the completion of the O2 Power acquisition in April 2025. The acquired platform brings a total capacity of 4.7 GW, of which 2 GW is already operational. The remaining capacity is expected to be commissioned by September 2027.
The company said the acquisition strengthens its pathway towards achieving the 30 GW target by 2030, with around 70% of the portfolio expected to come from renewable sources.
Building manufacturing capabilities
JSW Energy is also pursuing backward integration initiatives to improve supply chain resilience and execution efficiency.
In May 2026, the company entered into a definitive agreement with Toshiba Corporation to increase its stake in the Toshiba JSW Power Systems joint venture from 2.4% to 10.7%.
The move is expected to strengthen JSW Energy’s position as one of the few Indian power companies with end-to-end thermal manufacturing capabilities.
Additionally, the acquisition of the Durgapur Boiler Facility from GE Power, expected to be completed in the first half of FY2027, will further enhance captive manufacturing capabilities. The facility has the capacity to manufacture approximately two 800 MW boilers annually.
AI-led digital transformation
The company is also accelerating digital transformation across its operations by integrating artificial intelligence (AI), Internet of Things (IoT) technologies and advanced data analytics.
Jindal said the company’s command centre in Mumbai provides real-time visibility across its asset base, enabling predictive maintenance, operational optimisation and faster decision-making.
The digital initiatives are expected to improve efficiency and responsiveness as JSW Energy manages an increasingly diversified portfolio spread across multiple geographies.
Positioned for India’s energy transition
With a rapidly expanding renewable portfolio, growing storage assets, enhanced manufacturing capabilities and a significant investment pipeline, JSW Energy is positioning itself as a key player in India’s energy transition.
The company believes the convergence of rising electricity demand, energy security priorities and clean energy adoption presents a significant opportunity for long-term value creation while advancing the country’s decarbonisation goals.