Sajjan Jindal-led JSW Energy, currently going through a sluggish business patch, is lining up large investments in solar and electric vehicles. JSW Energy, which will commission 17 MW of solar capacity by September, plans to set up a facility to make solar photovoltaic (PV) panels with a capacity of 1,000 MW at Vijayanagar, Karnataka, in this financial year, reported Business Today.
The facility will come up adjacent to its existing coal power plant site at Vijayanagar and is also exploring entering the PV cell/wafer manufacturing space.
The company is planning to install 200 MW of solar power systems during the 2018-19 period and has already commissioned two captive solar power systems. The company has also won a new contract from Delhi Golf Club, top officials said at a press conference in Mumbai on Thursday.
The officials said to Business Today that the scope of the EV business has been widened to include select electric commercial vehicle (CV) models, including electric bus and light pick-up trucks.
As a result, the proposed capital expenditure has increased to Rs 6,500 crore over the period of next three-four years in the EV and associated businesses of storage battery and charging infrastructure. Out of this, JSW will invest Rs 1,000 crore during the current financial year.
JSW Energy said the company has made proactive provisions of Rs 241 crore for its investments in Toshiba JSW JV (to manufacture turbines) and South African operations. These provisions have no impact on the consolidated financials as accumulated losses equal to the impairment amounts have already been provided for in earlier periods.