EQT and Temasek Sell O2 Power to JSW Neo Energy for USD 1.5 Billion, Strengthening India’s Renewable Energy Sector

Representational image. Credit: Canva

EQT Infrastructure IV (EQT) and Temasek have announced the sale of O2 Power, a leading renewable energy platform in India, to JSW Neo Energy, a wholly owned subsidiary of JSW Energy, for USD 1.5 billion. The transaction marks the exit of EQT and Temasek from the company, which they had established in 2020 as a greenfield renewable energy start-up.

Since its inception, O2 Power has grown into one of India’s largest renewable energy platforms, specializing in utility-scale projects across solar, wind, and hybrid energy technologies. The company, headquartered in Gurgaon, India, has secured a total capacity of 4.7 gigawatts, with 2.3 gigawatts expected to be operational by June 2025.

Under EQT and Temasek’s ownership, O2 Power diversified into solar, wind, hybrid technologies, and battery energy storage solutions, expanding its reach to both public utility and Commercial & Industrial segments. The company has established itself as a leader in India’s renewable energy market, supported by a strong governance framework and a diverse leadership team with both global and local expertise.

The company has also grown from a small team to a professional organization of over 300 employees, with robust central functions in finance, compliance, HR, and other key areas. Despite challenges such as the COVID-19 pandemic, O2 Power demonstrated resilience and continued growth, achieving strategic expansion and acquisitions.

This sale marks a key milestone for EQT in Asia Pacific, as O2 Power was its first infrastructure investment in the region. The transaction also aligns with EQT’s thematic investment focus on energy transition infrastructure, particularly in renewable energy platforms. India’s renewable energy market continues to grow rapidly, with the government targeting 500 gigawatts of installed renewable capacity by 2030. O2 Power’s strategic positioning and track record are expected to continue contributing to India’s clean energy transition.

Piyush Singhvi, Managing Director and Head of India & Southeast Asia for EQT Infrastructure, expressed pride in O2 Power’s success, noting the company’s role in advancing India’s clean energy transition. He highlighted the strong leadership of CEO Parag Sharma and the company’s ability to scale and diversify.

Parag Sharma, CEO of O2 Power, thanked the company’s team for their dedication and outlined the company’s commitment to expanding its capacity and pipeline. He expressed optimism about the future under JSW Neo Energy’s support, aiming to solidify O2 Power’s leadership position in India’s renewable energy sector and drive the nation’s renewable energy goals.

 

  • Related Posts

    Sungrow Italy Receives Top Brand PV 2025 Award, Strengthening its Leadership in Renewable Energy

    At the recent KEY 2025 event at Rimini Expo Center, Sungrow showcased its impressive presence alongside the announcement of a significant achievement: Sungrow Italy received the prestigious Top Brand PV…

    SolarPower Europe Launches its First Plug-in Solar PV Report

    SolarPower Europe has launched its first “Plug-In Solar PV” report, offering an in-depth analysis of the emerging solar segment. The report examines the growth, potential, and challenges of plug-in solar…

    Have You Seen?

    DAC one focus with European CO2 Summit 2025 around the corner

    • March 14, 2025
    DAC one focus with European CO2 Summit 2025 around the corner

    UK risks falling behind on SAF targets, advisory body warns

    • March 14, 2025
    UK risks falling behind on SAF targets, advisory body warns

    Oil Prices Rebound on Unclear Path to Ukraine Ceasefire

    • March 14, 2025
    Oil Prices Rebound on Unclear Path to Ukraine Ceasefire

    Qatar To Supply Natural Gas To Syria’s New Government

    • March 14, 2025
    Qatar To Supply Natural Gas To Syria’s New Government

    Iran Sanctions Prop Up Oil Prices

    • March 14, 2025
    Iran Sanctions Prop Up Oil Prices

    Russia Switches to Crypto in Oil Trade

    • March 14, 2025
    Russia Switches to Crypto in Oil Trade

    Qatar Cuts Prices for Its Oil

    • March 14, 2025
    Qatar Cuts Prices for Its Oil

    EPA Says it is Initiating ’31 Historic Actions’

    • March 14, 2025
    EPA Says it is Initiating ’31 Historic Actions’

    Alternative fuels ship regs not likely before 2028 ‘at earliest’

    • March 14, 2025
    Alternative fuels ship regs not likely before 2028 ‘at earliest’

    Air Liquide raises €500m through green bond to support energy shift

    • March 14, 2025
    Air Liquide raises €500m through green bond to support energy shift