JSW Energy

Druk Green, owned outright by the Royal Government of Bhutan, takes 51 percent against JSW Neo's 49 on a build-own-operate-transfer basis. It is JSW Energy's first generation asset outside India.

The build landed in a little over four months and sits on top of the 300 MW Maruti Clean Coal thermal plant bought in the same window, so the mix is shifting toward contracted renewable output.

The asset earned about 279 crore rupees of EBITDA in FY26, so the deal was struck at roughly 5.1 times, against a replacement cost for new thermal that runs far higher and takes four to five years to build. Of the 300 MW, 195 MW net is contracted to Rajasthan discoms through PTC India with about 14 years of PPA life remaining, 5 percent goes to the Chhattisgarh discom at variable cost, and the balance of roughly 64 MW is sold merchant. Coal is secured through a long-term fuel supply agreement with SECL under the SHAKTI scheme, which removes the input risk that usually sits behind a merchant thermal acquisition. The company says the asset is accretive to EBITDA and profit from day one and reduces net leverage. An acquisition that cuts leverage is unusual, and it follows directly from paying a single-digit multiple in cash for a contracted generator. Proximity to JSW's own Mahanadi plant is the second-order point, since shared logistics and operations and maintenance is where the incremental margin sits. Total locked-in generation capacity now stands at 32.4 GW against a 30 GW target for 2030.

JSW Energy PSP Eleven won the battery-storage and PCS orders, adding to the group's growing energy-storage pipeline.

The plant carries a 195 megawatt Rajasthan power purchase agreement with about fourteen years left, limiting merchant price risk on a small bolt-on buy.