To reinforce leadership in India’s renewable energy sector, JSW Energy has acquired O2 Power’s 4.7 GW solar and wind energy platform for ₹124.68 billion to serve commercial and industrial sectors.
JSW Energy Ltd has announced its acquisition of O2 Power’s 4.7 GW renewable energy platform for ₹124.68 billion through its wholly owned subsidiary, JSW Neo Energy Ltd. As the company claims this is its largest deal to date, it will acquire almost 4.7GW (4696MW) of solar and wind energy capacity from O2 Power Pooling Pte Ltd.
O2 Power, founded in 2020 by EQT Infrastructure of Sweden and Singapore’s Temasek, develops and operates utility-scale projects primarily serving public utilities and the commercial and industrial (C&I) sectors.
The renewable energy platform that JSW acquired, which includes 596MW of C&I capacity, is largely backed by long-term power purchase agreements with financially strong off-takers.
This acquisition will increase JSW Energy’s total C&I capacity to 3694MW as it aims to expand its footprint in resource-rich states across India.
Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, highlighted the importance of the acquisition, asserting that it solidifies the company’s position as a key player in India’s energy sector.
Furthermore, the company disclosed that the legal and financial advisers for the deal include Khaitan and Co, Herbert Smith, KPMG, and PWC.
JSW Energy currently operates a 10 GW energy portfolio, with 61% from renewable sources. Its goal is to expand to 20 GW of generation capacity and 40 GW of storage by 2030.
Additionally, the company plans to establish a battery and cell manufacturing operation with an initial capacity of 10 GWh by 2026, expanding to 50 GWh by 2030.
As part of the JSW Group, JSW Energy focuses on innovation, efficiency, and sustainability, the company aims to achieve net-zero carbon emissions by 2050 and maintain leadership in the renewable energy sector.
