JSW Energy acquires O2 Power

JSW Energy Ltd has acquired O2 Power, a 4.7 GW renewable energy platform, at an enterprise value of INR 12,468 crore ($1.47 billion).

December 28, 2024 Uma Gupta

O2 Power's 250 MW solar plant in Rajasthan

Image: O2 Power

JSW Neo Energy, an arm of JSW Energy, has signed a definitive agreement to acquire a 4,696 MW renewable energy (RE) platform from O2 Power for around INR 12,468 crore ($1.47 billion).

O2 Power is a platform jointly established by EQT Infrastructure & Temasek.

“The transaction entails acquisition of O2 Power Midco Holdings and O2 Energy SG and is subject to approval of the Competition Commission of India (CCI) and other customary approvals standard to a transaction of this size. The transaction values the platform at an Enterprise Valuation of approximately INR 12,468 crore ($1.47 bn), after adjusting for net current assets,” said the company.

O2 Power has a RE portfolio of 4,696 MW – where 2,259 MW will be operational by June 2025, 1,463 MW is currently under construction, and an additional 974 MW are in the pipeline, all scheduled for commissioning by June 2027. The assets benefit from a blended average tariff of INR 3.37/KWh with remaining life of 23 years. The capacities are spread across seven resource-rich states of India.

This acquisition will leapfrog JSW Energy’s locked-in generation capacity by 23%, from 20,012 MW to 24,708 MW

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