JSW Energy takes over 4.7 GW renewables platform

The transaction is valued at nearly $1.5b.

JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, has signed an agreement to acquire 4,696 megawatts (MW) of renewable energy projects from O2 Power Pooling Pte. Ltd., a platform established by EQT Infrastructure and Temasek.

In a bourse filing, JSW Energy said the transaction is valued at $1.47b and entails the acquisition of O2 Power Midco Holdings Pte. Ltd. and O2 Energy SG Pte. Ltd., subject to approval of the Competition Commission of India and other customary approvals.

Of O2 Power’s over 4,000 MW capacity across India, around 2,259 MW will be operational by June 2025, 1,463 MW are under construction, and an additional 974 MW are in the pipeline, all scheduled for commissioning by June 2027. It has a blended average tariff of INR3.37 per kilowatt-hour with remaining life of around 23 years.

JSW Energy said the acquisition will boost its locked-in generation capacity by 23%, from 20,012 MW to 24,708 MW.

The acquisition is expected to be completed on or before 26 May 2025.