JSW Energy Receives Intent to Acquire 3.6 GW KSK Mahanadi Plant

14 Jan 2025 CW Team

JSW Energy announced its successful bid to acquire KSK Mahanadi Power Company (KMPCL), which operates 3,600 MW thermal power plants, as part of insolvency proceedings. The acquisition, approved by the Committee of Creditors, is subject to regulatory clearances from the National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI), the company revealed.

The company stated that it had received a Letter of Intent (LoI) from the Resolution Professional for its resolution plan under the corporate insolvency resolution process, as outlined by the Insolvency and Bankruptcy Code, 2016.

KMPCL, based in Chhattisgarh, currently operates 1,800 MW (600 MW x 3 units) of its total capacity under long- and medium-term power purchase agreements. The remaining 1,800 MW capacity is under construction, with one 600 MW unit nearing 40 per cent completion, and preparatory work in place for the remaining 1,200 MW.

The plant has secured water and coal transportation arrangements for its full capacity of 3,600 MW.

Following this acquisition, JSW Energy's locked-in thermal generation capacity now stands at 7.5 GW, while its total generation capacity reaches 28.2 GW. This development brings the company closer to achieving its 20 GW capacity target well before the 2030 deadline.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, remarked that the acquisition strategically positions the company to address the nation’s growing energy needs by leveraging a diversified energy mix comprising both conventional and renewable sources.

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