JSW Energy Ltd

Credit rating assignment

• CARE assigns long-term bank facility ratings of A+ with Stable outlook to seven O2 Renewable Limited subsidiaries.
• Subsidiaries rated: Energy IV, Energy VI, Energy X, Energy XIII, Energy XIV, Energy XXII, Energy XXIII.
• Rating action described as Assigned in CARE releases dated 12 October 2026.
• Context: ratings pertain to long-term bank facilities of JSW Energy's step-down subsidiaries.

JSW Energy Limited — Trading Window closed from 1 October 2026 until 48 hours after the declaration of unaudited financial results for the quarter and half year ending 30 September 2026

Credit rating update

• Ind-Ra assigned IND AA-/Stable/IND A1+ rating to bank loan facilities of Maruti Clean Coal and Power.
• Maruti Clean Coal and Power Limited is a wholly owned subsidiary of JSW Energy Limited.
• Date of rating assignment: 29 September 2026.
• Press release available on India Ratings and Research's website.

Credit rating update

• Ind-Ra assigns IND A+/Stable rating to JSW Thermal Energy Limited's bank facilities; subsidiary rating issued 29 Sept 2026.

NCD allotment details

• Issue: 50,000 unsecured, listed, rated NCDs aggregating Rs 500 crores via private placement.
• Face value Rs 1,00,000 per NCD; tenure 7 years to 28 Sep 2033.
• Coupon: benchmark 7.85% plus 0.05% spread, effective 7.90%.
• Allotment date: 28 Sep 2026; maturity date: 28 Sep 2033.
• Redemption at par: 28 Sep 2031 ₹33,333.33 per NCD; 28 Sep 2032 ₹33,333.33; 28 Sep 2033 ₹33,333.34.
• Security: unsecured; listing: BSE Limited; approvals: Finance Committee approved allotment; board had sanctioned up to Rs 3,000 crores.

Salboni TG order update

• JSW Thermal Energy Limited contracted its associate Toshiba JSW for two 800 MW TGs for Salboni Phase II.
• This completes turbine-generator equipment orders for the full 3,200 MW Salboni project (4 x 800 MW).
• Phase I orders for 2 x 800 MW were placed earlier (announcement January 15, 2026).
• Phase II order size: 1,600 MW (two 800 MW units).
• Salboni TPP is JSW Energy's largest single-location thermal asset.
• Toshiba JSW Power Systems will manufacture and supply TGs in line with construction schedule.
• Overall installed thermal capacity 5,958 MW; 5,000 MW under construction (3,200 Salboni, 1,800 JMPCL).
• Target: 30 GW generation by 2030; carbon neutrality by 2050.

Litigation update

• APTEL set aside CERC order and allowed the IDC claim of JSW Hydro Energy Limited.
• Carrying cost reckoned from filing date of true-up petition to eventual adjustment.
• Remanded to CERC to perform prudence check on data for additional IDC.
• Tariff truing-up for 2014-19 and 2019-24 may be affected.
• No monetary figures disclosed in the filing.

Credit rating update

• Ind-Ra affirms IND A/Stable rating for bank facilities of JSW Renewable Energy (Coated) Limited, a step-down subsidiary.

Credit rating update

• ICRA affirms AA (CE)/Stable for JSW Neo Energy Limited's long-term bank loan facilities.
• ICRA affirms AA-/Stable for unsupported long-term bank loan facilities.
• ICRA assigns and affirms A1+ for proposed Commercial Paper and short-term/working capital facilities.
• JSW Neo Energy Limited is a wholly owned subsidiary of JSW Energy Limited.
• ICRA press release dated 11 September 2026.

Credit rating action

• Date of rating action: 11 September 2026.
• Short-term bank loan facilities: ICRA A1+ for existing and enhanced facilities.
• Long-term bank loan facilities: ICRA AA (Stable).
• Non-Convertible Debentures (NCDs): ICRA AA (Stable).
• Commercial Paper: ICRA A1+.
• Long-term debt and NCDs carry stable outlook.