SW Energy Chairman & Managing Director Sajjan Jindal on July 5 said the company has planned a capital expenditure of ₹15,000 crore during the current fiscal year.
In his address to shareholders at the annual general meeting, he said, the company intends to spend around ₹1,15,000 crore to reach the goal of 20 GW generation and 40 GWh storage under 'Strategy 2.0'.
He further said the company's plan is to spend approximately ₹15,000 crore in current fiscal year and it is also actively scouting for acquisition opportunities in the power sector.
The company is on track to commission ongoing projects for power generation, battery storage and green hydrogen production, it said.
The growth capital secured through the recently completed QIP (qualified institutional placement) strategically positions the company to accelerate the execution of returns accretive growth plans, he noted.
In April 2024, JSW Energy had raised ₹5,000 crore of equity through a QIP issue to build a war chest for accelerating its growth ambitions.
The issue was subscribed over 3.2X and met with an overwhelming response by high quality blue-chip global and domestic institutional investors, Jindal said.
He told shareholders that during fiscal 2024, the company achieved significant milestone by securing 3.4 GW of renewable energy projects through competitive bidding.
In the current year, the company added a pipeline of 600 MW, resulting in a total locked-in capacity of 13.9 GW. This growth represents a 42 per cent increase in its locked-in capacity when compared to fiscal year 2023, he added.
The pipeline includes aggregate solar projects of 2.4 GW — 700 MW each from SJVN, NTPC and SECI, and another 300 MW project from GUVNL.
A wind project of 1 GW was awarded from SECI. The company also bagged 300 MW of wind-solar hybrid projects each from SECI and SJVN.
Additionally, during fiscal 2024, the company achieved a significant milestone with the rapid synchronisation of Ind-Barath Unit 1, having a capacity of 350 MW and Unit 2 of similar capacity is expected to be synchronized in this quarter.
Published - July 06, 2024 01:15 am IST
