Sajjan Jindal-led JSW Energy expects to close calendar year 2024 with 9.8 GW of operational power capacity, even as it has earmarked a capex spend of ₹10,000 crore for the current fiscal. The firm will spend ₹12,000-13,000 crore in capex per annum till FY30, an increase from the earlier outlay of ₹8,000-10,000 crore.
JSW Energy had total capacity of 4.6 GW, which rose to 6.6 GW following the addition of Mytrah Energy’s renewable assets.
“We have increased the guidance and now we intend to spend about ₹12,000-13,000 crore every year for the next seven years. This would be to increase power generation to 20 GW by FY30, energy storage to 40 GW hour, to set up 1 GW of solar PV panel manufacturing and then 3,800 tonne of green hydrogen facility,” JSW Energy joint MD & CEO Prashant Jain told FE in an interview.
Terming the last fiscal as “good”, Jain sid the company expects FY24 to be a good year too. “We have increased our capacity by 44%, with Mytrah and a lot of other capacities getting commissioned in the current financial year, we expect an Ebitda growth of 60-70% in FY24,” he added.
JSW Energy has refinanced and restructured the debt of Mytrah Energy from about ₹10,000 crore to ₹8,500 crore at a 250 basis points lower interest cost and weighted average interest cost of 8.65%. The balance would be funded through internal cash as equity.
The company, which had entered into an agreement to acquire Mytrah’s 1,753 MW renewable energy portfolio in August last year, has also begun integration of the firm with itself.
Mytrah had posted an Ebitda of about ₹1,200 crore last year, and JSW Energy was expecting the company to post an normalised Ebitda of ₹1,650 crore in 12-18 months.
“The upgrade and Ebitda improvement plans are going much ahead of the schedule and we expect to achieve Ebitda of about ₹1,450 crore in this fiscal itself,” Jain added.
JSW Energy, which has also completed the acquisition of Ind-Barath through the bankruptcy process, will commission both of its units of total 700 MW in this financial year.