JSW Energy Ltd

Litigation update

• APTEL dismissed MSEDCL's appeal against MERC order on 19 August 2026.
• JSW Energy was served a copy of MSEDCL's Supreme Court appeal challenging APTEL order on 20 August 2026.
• No financial implications or damages disclosed in the update.

Credit rating affirmation

• Ind-Ra affirms IND A/Stable for JSW Renew Energy Two Limited's bank loan facilities.
• JSW Renew Energy Two Limited is a step-down wholly owned subsidiary of JSW Energy Limited.
• Release date: 19 August 2026; rating affirmation details available on Ind-Ra site.

APTEL ruling

• APTEL order dated 19 August 2026 dismisses MSEDCL's appeal as withdrawn.
• It also rejects liberty to approach MERC by way of a review petition.
• Matter pertains to invoices raised by JSW Energy; MERC order dated 24 December 2025 stands.
• Outcome reduces litigation risk and supports invoicing/collection posture.

Credit rating update

• Ind-Ra assigned and affirmed the IND AA-/Stable/IND A1+ rating.
• Rating covers JSW Mahanadi Power Company's enhanced and existing bank facilities.
• Press release date: 14 August 2026.

JV terms and investment

• SHA signed between JSW Neo Energy and DGPC for 920 MW Punatsangchhu-III project in Bhutan.
• JV to be formed in Bhutan with 51% DGPC and 49% JSW Neo Energy.
• Project to be developed on a Build-Own-Operate-Transfer basis.
• JSW Neo Energy to subscribe 49% of the JV in cash; initial contribution BTN 245 million.
• Further capital infusions to align with project development.
• Regulatory approvals from Bhutan authorities and FDI clearances required for incorporation.
• This marks JSW Energy's first power-generation venture outside India.

Capacity update

• Capacity update: added 1,166 MW renewable and 300 MW inorganic thermal since April 2026; total installed 14,920 MW.
• Renewables now 60% of total; wind 3,125 MW, solar 2,360 MW, hybrid 1,696 MW, hydro 1,781 MW.
• Thermal portfolio 5,958 MW; total capacity remains 14,920 MW.
• Maruti Clean Coal and Power acquisition completed.
• Lock-in generation capacity 32.4 GW: 14.9 GW operational, 13.5 GW under construction, 4.0 GW pipeline.

Strategic outlook and targets

• Storage: 29.6 GWh locked-in; 26.4 GWh pumped hydro and 3.2 GWh battery storage.
• Targets: 30 GW generation and 40 GWh storage by 2030; carbon neutrality by 2050.
• FY2027 greenfield capacity addition target: 3 GW.

Appointments

• Appointed Mr. Sanjay Sagar as Additional Director (Non-Executive, Non-Independent) from 8 Aug 2026, subject to shareholder approval.
• Profile: 40+ years in power, mining, infra; expertise in strategy, M&A, regulatory matters.
• Current directorships: GE Vernova T&D India, JSW Sarbloh Motors, JSW Gecko Motors.

Credit rating action

• ICRA assigns AA- (Stable)/A1+ to JSW Mahanadi Power's enhanced debt facilities.
• ICRA re-affirms AA-/Stable rating on JSW Mahanadi's existing debt facilities.
• Subsidiary JSW Mahanadi Power Company Limited is the issuer; JSW Energy holds parent.

Target and deal overview

• Target: Maruti Clean Coal & Power Limited (MCCPL), a 300 MW thermal plant in Chhattisgarh, India.
• Acquisition completed; MCCPL becomes JSW Energy's wholly-owned subsidiary.
• Enterprise Value ₹1,410 crore; FY26 EBITDA ~₹279 crore.
• Total installed capacity now 14,835 MW.
• Strategic rationale: complements existing portfolio and enables logistics/ O&M synergies.
• Regulatory approvals required: not disclosed in filing.
• Completion timeline: completed August 7, 2026.
• Form of consideration: not disclosed.
• MCCPL background: MCCPL operates a 300 MW plant; PPA 195 MW net with Rajasthan discoms; SECL coal linkage.

Credit rating update

• ICRA assigns [ICRA] A (Stable) rating to debt facilities of JSW Renewable Energy Dolvi Three Limited.
• Subsidiary is step-down, wholly owned by JSW Energy Ltd.