JSW Energy’s solar generation drops despite power output growth

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India’s solar generation capacity increased by 15% in the most recent quarter. Image: MNRE.

Indian power company JSW Energy’s renewable power generation has increased by over 40% for the first quarter of the 2025 financial year, but electricity output from solar projects dropped by 2.7% over the same quarter.

In its latest financial results, the company said its electricity generation from renewable power sources increased from 2,258 million units to 3,242 million units, representing an increase of 43.6%.

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However, the company’s solar PV plants achieved an average capacity utilisation factor of 24% in Q1 FY2025, dropping from 25% in Q1 FY2024. The generation of electricity from solar sources dropped from 366 million units in Q1 FY2024 to 356 million units in Q1 FY2025.

The company’s solar generation was not in line with India’s solar generation growth. In a same statement, JSW Energy said India’s renewable power generation increased by 6% year-on-year in Q1 FY2025, driven by solar generation, which was up 15% year-on-year.

Overall, JSW Energy’s power generation capacity reached 7,881 million units in FY2025, up from 6,699 million units in FY2024, representing a 18% year-on-year increase. The growth was driven by expansions in hydropower – where the installed capacity increased from 1,144 million units to 1,840 million units – renewable capacity additions and the operation of a thermal power plant.

Currently, the company’s power generation capacity sits at 7,536MW, including 675MW of solar.

In terms of financial results, JSW Energy’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 21% year-on-year to INR15.81 billion (US$190 million), driven by higher electricity generation figures.

JSW Energy is an active player in India’s power generation industry. It was one of the winners of a tender for solar PV paired with battery storage hosted by the Solar Energy Corporation of India (SECI).

JSW Energy was among four companies to win the tender, and won the most capacity with a bid for 500MW at INR3.42/kWh. Other winners include Pace Digitek Infra, awarded 100MW at INR3.41/kWh – which was the lowest bid – Hero Solar Energy, awarded 250MW at INR3.42/kWh; and ACME Solar Holdings, for 350MW, also at INR3.42/kWh.

In JSW Energy, the company was awarded the contract for a 700MW solar PV project through its wholly-owned subsidiary, JSW Neo Energy. The deal came through a competitive, tariff-based tender from the Indian government-owned electricity generator the National Thermal Power Corporation (NTPC). The entire tender sought 1.5GW of solar PV capacity to be connected to India’s Interstate Transmission System (ISTS).

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

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