JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, has announced the acquisition of a 4,696 MW renewable energy platform from 02 Power Pooling Pte. Ltd. The platform, jointly established by EQT Infrastructure and Temasek, includes O2 Power Midco Holdings Pte. Ltd. and 02 Energy SG Pte. Ltd. The deal, valued at an enterprise valuation of ₹12,468 crores (US$1.47 billion), is subject to approval from the Competition Commission of India (CCI) and other customary clearances.
The acquisition will boost JSW Energy’s locked-in generation capacity by 23%, from 20,012 MW to 24,708 MW, significantly strengthening its renewable energy portfolio.
Platform Details
02 Power’s renewable energy assets include 2,259 MW of operational capacity, expected to be fully commissioned by June 2025, 1,463 MW under construction, and 974 MW in the pipeline, scheduled for commissioning by June 2027. Spread across seven resource-rich states in India, the platform has a blended average tariff of ₹3.37 per kWh and a remaining life of 23 years.
Leadership Insights
Commenting on the acquisition, Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, stated:
“This landmark acquisition is JSW Energy’s largest since its inception and reinforces our position as a leading player in India’s energy sector. We are excited to welcome the experienced team at 02 Power to the JSW Energy family and look forward to delivering exceptional value to our stakeholders.”
Pritesh Vinay, Director (Finance) and CFO of JSW Energy, highlighted the strategic benefits of the deal:
“This acquisition is not only consistent with our capital allocation strategy but also significantly value-accretive for our shareholders. It aligns with our growth ambitions and strengthens our focus on high-return projects.”
Industry Significance
This acquisition marks a significant milestone for JSW Energy as it continues to expand its footprint in the renewable energy sector. The company’s strategy focuses on leveraging high-quality assets and maintaining a prudent approach to capital allocation to drive sustainable growth.
