JSW Energy's Rs 1,410 crore deal for a 300MW Chhattisgarh thermal plant adds baseload capacity and stable cash flows, inching it closer to its 30GW goal by 2030.
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JSW Energy is buying Maruti Clean Coal & Power Ltd for Rs 1,410 crore. The deal adds a 300MW thermal power plant in Chhattisgarh. The company said the acquisition would strengthen its thermal portfolio and cash flows. It also supports JSW Energy's target of reaching 30GW of total generation capacity by 2030.
The target, called MCCPL, runs a single coal-fired unit. The plant's location in Chhattisgarh gives it access to domestic coal from the state's mines. That can lower fuel costs compared to plants that rely on coastal imports. JSW Energy now operates about 7GW of thermal capacity, according to its latest annual report, with an additional 3GW in renewables under construction.
The transaction values the plant at Rs 4.7 crore per MW. New coal plants in India have cost between Rs 8 crore and Rs 10 crore per MW in recent years, according to power ministry estimates. The discount reflects the asset's age and existing power purchase agreements, though it also makes an acquisition a cheaper route to adding baseload capacity than building from scratch.
The deal comes as India's power demand grows at 6-7% per year, driven by industrial activity and rising air-conditioning use. Peak demand hit a record 250GW in May, forcing the government to ask utilities to keep coal units running through 2030. Private developers, including JSW, have responded by adding thermal alongside large renewable pipelines. JSW Energy itself has 10GW of renewable capacity in various stages of development.
For JSW Energy, the acquisition provides immediate cash flow from a running plant rather than a long construction timeline. The 300MW unit can be dispatched when grid demand peaks, earning higher tariffs. The company has not disclosed the plant's existing PPA terms or remaining life.
The plant sits in Chhattisgarh, a state with some of India's largest coal reserves, which should keep fuel supply stable.
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