JSW Energy shares rise 5% after inking 400 MW Karnataka power agreement

JSW Energy has secured a long-term supply deal with Karnataka’s power distribution companies, signing a 25-year Power Purchase Agreement (PPA) through its subsidiary JSW Energy (Utkal) Ltd for 400 MW of electricity beginning April 1, 2026. The tariff has been set at ₹5.78 per kWh.

The company said the agreement further reduces its open capacity to 5% of current operational capacity from about 8 percent earlier, reinforcing long-term revenue visibility and helping de-risk its generation portfolio.

With this pact, JSW Energy’s total locked-in generation portfolio now stands at 30.5 GW. This includes 13.3 GW of operational capacity, 12.4 GW under construction across thermal and renewable projects, 150 MW of hydro capacity under acquisition, and a 4.6 GW development pipeline.

Its energy storage portfolio is also expanding, with 29.4 GWh of locked-in capacity comprising 26.4 GWh of hydro pumped storage projects and 3 GWh of battery energy storage systems. The company reiterated its long-term vision of reaching 30 GW of power generation and 40 GWh of storage capacity by FY2030, and said it remains on track to achieve carbon neutrality by 2050.

JSW Energy is currently undertaking multiple construction projects totalling 12.4 GW as it accelerates its transition towards a diversified and renewable-heavy portfolio.

Separately, the company informed exchanges that its board has approved a fundraise of up to ₹10,000 crore via QIP or other securities. It will issue 95.23 lakh shares to the promoter on a preferential basis at ₹525 per share and 4.76 crore convertible warrants at the same price.

As of 2:37 PM, JSW Energy shares were trading at ₹481.55 on the NSE, up 5.2%.

(With agency inputs)