JSW Energy Limited, through its wholly-owned subsidiary JSW Neo Energy Limited (JSWNEL), has announced the acquisition of O2 Power Midco Holdings Pte. Limited and O2 Energy SG Pte. Limited. The deal, valued at ₹12,468 crore (~USD 1.47 billion), marks JSW Energy’s largest acquisition to date and significantly expands its renewable energy footprint.
The acquisition includes O2 Power’s operational, under-construction, and development projects across solar, wind, hybrid, and RTC/FDRE platforms. The 4.7 GW portfolio spans seven resource-rich states in India and is expected to increase JSW Energy’s total installed capacity by 23%, from 20,012 MW to 24,708 MW.
Details of the Acquisition
- Portfolio Breakdown:
- Solar projects: 1,731 MW
- Wind projects: 475 MW
- Hybrid projects: 1,580 MW
- RTC/FDRE projects: 910 MW
- Blended Average Tariff: ₹3.37/kWh
- Capacity for Commercial & Industrial (C&I) Consumers: 596 MW
The renewable projects under this acquisition are tied up under long-term power purchase agreements (PPAs) with high-credit-rated off-takers. This move also brings JSW Energy closer to its goal of achieving 20 GW renewable capacity by FY2030.
Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, expressed confidence in the acquisition, stating, “This landmark deal strengthens JSW Energy’s position as a key player in India’s energy sector. It underscores our commitment to sustainability and renewable energy growth.”
Pritesh Vinay, Director (Finance) and CFO of JSW Energy, added, “This acquisition represents significant value for shareholders. It is consistent with our disciplined capital allocation strategy and sets the stage for accelerated growth.”
The acquisition is expected to close by May 26, 2025, subject to approvals from the Competition Commission of India (CCI) and other regulatory bodies. The transaction will be executed as a cash deal.
