Kolkata, Apr 20 (PTI) JSW Energy on Sunday said it is working on Vision 3.0, which is likely to be unveiled in the next 2-3 months, to revise its earlier target of 20 GW installed capacity and 40 GWh storage by 2030, in view of a favourable regulatory and demand outlook.

The upcoming vision document will outline a higher capacity target and an increased capex as compared to the Rs 1.15 lakh crore investment announced under Vision 2.0 in May 2023, an official said.

The country’s fourth-largest private power producer stated that while its current business is focused on B2B (business-to-business) power generation, it is not looking at B2C (business-to-consumer) activities like power distribution or setting up electric vehicle charging stations at the moment, he said.

“Distribution is an opportunity, but as I mentioned, we have a lot on hand at the moment. So, our current focus is on our core areas, and we are not looking at distribution for now,” JSW Energy Joint MD & CEO Sharad Mahendra told PTI.

Speaking on capacity, he said, “Our current operational capacity stands at 12.2 GW, of which 5.85 GW—or about 46 per cent—is thermal, and the rest comes from renewable sources, including solar, wind and hydro. An additional 18 GW is under various stages of development over the next few years. So, combining operational and in-progress projects, we are looking at a total of 30 GW.” Out of the 18 GW of pipeline projects, only 3.2 GW is thermal and the rest are renewables, Mahendra said.

Green energy could increase to two-thirds of the company’s portfolio by FY’26, and the company has invested Rs 16,000-17,000 crore so far, out of Rs 1.15 lakh crore announced under Vision 2.0.

“We are now working on a revised strategy 3.0 that will set a higher capacity target for FY’30 and investment with a strong focus on renewables,” Mahendra said.

For its captive requirement, the company is going to start manufacturing some of the key components, which have a very big cost advantage if made in India, he said.

“We are going to commission in the current year two manufacturing plants of wind turbine blades, which are large blades of 80-82 meters (one blade size). So we are setting up two manufacturing units in India for our own requirement, he said.

One plant will be in Karnataka, and work is already on, and one in Gujarat, he said.

Mahendra is in Kolkata for the foundation stone laying ceremony of a 1,600 MW power plant at Salboni by Chief Minister Mamata Banerjee on April 21.

In FY’25, the company added 3.2 GW of capacity through both organic and inorganic means and expects to surpass that in FY’26.

“This will enhance our free cash flows and support future expansion,” Mahendra added.

JSW Energy has completed two major inorganic acquisitions recently and continues to evaluate new opportunities.

“If they meet our benchmarks—returns, asset quality, and long-term sustainability—we are open to more,” he said.

Asked whether the company has nuclear power ambitions, Mahendra said the private sector, including JSW Energy, is interested but is awaiting a conducive policy framework.

“We are engaged with the government on this and remain optimistic,” he added.

JSW Energy is commissioning 3,800 tonnes per annum green hydrogen project for green steel production at Vijaynagar this quarter.

The power producer is “expanding rapidly while maintaining financial prudence and efficient capital allocation”, which is supporting growth backed by strong financials and manageable debt, Director (Finance) Pritesh Vinay said.

However, the company did not provide specific topline guidance for FY’26 or FY’27.

Mahendra said, “Topline is not a key metric for us, as it can fluctuate with fuel costs, especially in thermal. We focus on EBITDA and margins. Over the next five years, we expect significant year-on-year improvement in EBITDA.” PTI BSM BDC