When Sharad Mahendra stepped into the role of CEO of JSW Energy in February 2024, he took the helm of a 25-year-old business that had grown from a captive thermal supplier into a diversified energy player.
But at the time, Mahendra tells The CEO Magazine, “There was limited future growth planned in the renewables portfolio.”
Less than two years later, that picture has dramatically changed.
“In just 18 months, we’ve grown from 7.2 to 12.5 gigawatts of operating capacity,” he explains. “Very soon, we expect to cross 13 gigawatts.”
Under his leadership, JSW Energy is moving with deliberate speed, revising its growth targets under Strategy 3.0 to reach 30 gigawatts of total capacity by 2030 and 40 gigawatt-hours of energy storage.
A calculated ascent
The company’s measured approach during India’s volatile energy decade from 2010–2020 is part of what set it up for this moment.
“We made a conscious and prudent decision not to invest during that period,” Mahendra reflects.
“We were generating significant cash and chose to return it to shareholders through dividends, rather than pursue growth at any cost.”
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That restraint paid off.
“In 2015, an opportunity came up to acquire a hydro asset – India’s largest private-sector hydropower plant at 1.39 gigawatts – and we moved on it,” he says. “It was a fully tied-up, must-run green energy plant, and it’s performing very well.”
That acquisition helped set the stage for the company’s pivot to renewables.
“When I took charge, the first thing I noticed was that while we had 7.2 gigawatts of operating capacity, there was limited growth planned in green energy,” he points out. “That needed to change.”
Growth and reliability
In January 2024, JSW Energy began bidding aggressively in competitive renewable bidding.
“We aligned our strategy with the government’s long-term vision of carbon neutrality by 2070 and energy independence by 2047. We realized the returns were attractive and the timing was right,” Mahendra explains.
While renewables are the priority, he stresses the importance of balance.
“People often ask, ‘Why are you still investing in thermal?’” he says.
“The reality is that India’s economy is growing at an incredible pace, and that growth is being driven by power-intensive sectors like manufacturing, infrastructure, data centers and AI.
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“The government has recognized that renewable energy alone cannot meet rising peak demand. That’s why it has revised thermal capacity targets multiple times – most recently to 95 gigawatts by 2032. Our role is to help meet that need responsibly.”
JSW Energy is maintaining its two-thirds green, one-third thermal mix.
“Currently, we’re at 55 percent renewable and 45 percent thermal,” he says. “By the end of the 2026 financial year, we’ll be around 67–69 percent renewable.”
The right people
Mahendra’s leadership philosophy centers on execution, with people at the core.
“Technology can be purchased, but the right people make the difference,” he says. “For me, building talent is the top priority.”
The company has launched internal upskilling programs, including a four-month certification course in project execution.
“We cover all costs, and there’s no obligation to join us after, but over 90 percent have,” he says. “It’s been a great way to build skilled resources for our projects and the industry at large.”
JSW also assesses employees against five core values – commitment, compassion, courage, agility and integrity – and tailors development accordingly.
“Not everyone will display all five values, but we focus on strengthening their strongest traits,” Mahendra notes.
Securing the supply
As India accelerates capacity additions, Mahendra is keenly aware of supply chain pressures.
“A year ago, we analyzed where bottlenecks might occur,” he says. “Wind turbine nacelles and blades stood out as high-risk.”
To mitigate that, JSW Energy entered a technical licensing agreement to manufacture nacelles domestically.
“Production has started, and supplies have begun,” he confirms. “We’re also building two wind blade factories, which will be operational by early 2026.”
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These moves are part of a broader strategy to cultivate long-term relationships with critical and strategic suppliers.
“We don’t believe in just transactional relationships,” Mahendra says. “We share our long-term plans with key suppliers, so they can invest and grow alongside us.”
Game-changing storage
Mahendra sees energy storage, particularly pumped hydro, as critical to India’s future.
“Solar capacity is growing rapidly, but it only supplies power during daylight hours,” he says. “At sunset, it drops to zero, creating grid stability risks.”
To remedy this, JSW Energy is building one of India’s largest pumped storage projects, which boasts 1,500 megawatts with eight hours of storage in Maharashtra.
“We’ve already signed the power purchase agreement, and construction has started,” Mahendra shares. “We’re targeting commissioning within 48 months.”
And another nine-gigawatt-hour project in Uttar Pradesh is also underway, he confirms.
Tech meets ESG
Digital transformation is playing a central role in the company’s operations.
“Today, our assets are spread across 35 locations,” Mahendra says. “From my desk, I can monitor asset performance in real time.”
A new project monitoring center is under construction in Mumbai, and JSW is partnering with global consultancies to embed integrated project management across the business.
“We have a dedicated digitization team that reports directly to me,” he says. “Especially in renewables, which are more dispersed, digital integration is key to efficiency.”
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This digital infrastructure also helps power the company’s ESG ambitions.
“ESG is part of our day-to-day working,” Mahendra says. “We track CO2 savings across every wind and solar asset. I receive daily reports showing how much carbon dioxide each asset is offsetting.”
A green future
JSW Energy is also commissioning what Mahendra calls “the country’s largest green hydrogen project”, producing 3,800 metric tons of green hydrogen and 30,000 metric tons of green oxygen to support JSW Steel’s shift to green steel.
“We’re also working with hard-to-abate industries to provide up to 80 percent round-the-clock green energy,” he adds. “And long-term agreements are already in place with companies like Amazon and many more.”
Looking ahead, Mahendra sees India’s rise as unstoppable, and the company ready to play its part.
“This is going to be an infrastructure-led growth story,” he says. “And JSW is present in all five major core sectors: steel, energy, infra, cement and paints.”
He believes private industry must contribute, not just rely on the government.
“The next two decades belong to India,” he says. “Companies that can move with speed, agility and efficiency will be best placed to lead this transformation.”
In collaboration with
Vidyut Transformers
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