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Informist, Friday, Dec. 27, 2024

--JSW Energy arm to buy O2 Power, O2 Energy for $1.47 bln enterprise value 
 

MUMBAI – JSW Energy Ltd.'s wholly-owned subsidiary JSW Neo Energy Ltd. will acquire Singapore-based renewable energy platform O2 Power Pooling Pte. Ltd. at an enterprise value of INR 124.68 billion, or $1.47 billion, as it gears up to achieve a green-energy capacity of 20 gigawatts before 2029-30 (Apr-Mar).

JSW Energy's arm signed a definitive agreement with the EQT Infrastructure and Temasek-backed company, through which it will acquire O2 Power Midco Holdings Pte. Ltd., O2 Energy SG Pte. Ltd., and their subsidiaries. The acquisition, subject to approvals from the Competition Commission of India and lenders, is expected to be completed by May 26 next year, JSW Energy said in an exchange filing on Friday. 

The two Singaporean companies and their subsidiaries together have a renewable energy portfolio, both operational and under construction, of 4.7 gigawatts in India. Their cumulative revenue from operations in FY24 was INR 5.38 billion. Post this acquisition, JSW Energy's locked-in generation capacity will increase 23% to 24.7 GW from 20 GW.

Through this acquisition, JSW Energy's arm will get 1.7 GW of solar energy capacity, 475 megawatts of wind, 1.6 GW hybrid, and firm and dispatchable renewable capacity of 910 MW. Of the 4.7 GW capacity, 2.3 GW is expected to be operational by June, 1.5 GW is under construction, and 974 MW is in the pipeline. All are scheduled to be commissioned by June 2027, JSW Energy said in a release. The green energy platform has a blended average tariff of INR 3.37 per kilowatt-hour, and a remaining life of around 23 years. 

For Jul-Sept, JSW Energy had reported a consolidated a net profit of INR 8.53 billion on revenues of INR 32.38 billion. Shares of the company closed with a cut of 1.7% on Friday, at INR 625.80 on the National Stock Exchange.  End

Reported by Anand J.C.

Edited by Akul Nishant Akhoury

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