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.
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