JSW Energy to acquire 1.7 GW of operational renewables from Mytrah Energy

JSW Energy, a private-sector power producer, has revealed that its green energy arm has signed an agreement to acquire 1.33 GW of wind and 422 MW of solar assets from Mytrah Energy. The assets are spread across nine states in India.

August 11, 2022 Uma Gupta

JSW Energy is targeting 20 GW of generating capacity by 2030, with renewables to account for 85% of the total.

Image: Hpgruesen, Pixabay

JSW Neo Energy, the green energy unit of JSW Energy, has executed a binding agreement with Mytrah Energy to acquire its 1.753 GW of operational renewable energy assets. The acquired assets include 1.33 GW of wind capacity held by Mytrah’s 10 special-purpose vehicles (SPVs), and 422 MW of solar held by seven SPVs.

The RE assets are spread across nine states, with solar assets located in Punjab (50 MW), Telangana (327 MW), and Karnataka (45 MW). They benefit from long-term power purchase agreements (PPA) at attractive tariffs and have an average remaining life of 18 years.

“The company is well placed to achieve its capacity growth target of 10 GW much ahead of the stated timeline of FY25 and being future-ready with an increased share of renewables,” said JSW Energy.

JSW Energy now has a diversified asset portfolio of 9.1 GW, with renewables accounting for 65% of the total. This includes 4.8 GW of installed thermal and renewable capacity (3,158 MW and 1,626 MW, respectively), 2.5 GW of renewable projects under construction and awarded, and 1,753 MW of renewables to be acquired from Mytrah Energy.

Mytrah Energy has more than a decade of experience with renewables projects. The access to its pool of resources and domain expertise will help to drive JSW Energy to its target of 20 GW capacity by 2030, with the share of renewable energy increasing to 85% of the total.

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