JSW Energy acquires Himachal Baspa Power for Rs.9,275 crore

JSW Energy on Tuesday said it has completed the acquisition of 100 percent of the securities of Himachal Baspa Power Company from Jaiprakash Power Ventures for an asset value of Rs.9,275 crore.

The acquisition has given JSW Energy it complete control over the 300 MW Baspa II and 1091 MW Karcham Wangtoo hydro electricity projects.

The company, in a statement, said an additional consideration of Rs.300 crore may become payable upon receipt of certain additional consents and approvals related to the Karcham Wangtoo project before September 6, 2020.

"This acquisition helps in diversifying the power generation portfolio with high quality hydro power assets, besides increasing the share of long-term PPA (power purchase agreement) in our basket," JSW Energy chairman and managing director Sajjan Jindal said in a statement.

The company claimed to become the largest private hydro-power generator in the country following this acquisition.

Part of the JSW Group, the company has also entered into an initial agreement with Jaiprakash Power Ventures to acquire 100 percent stake in the 500 MW Bina thermal power plant located in the Sagar district in Madhya Pradesh.

"The plan to acquire the Bina power project will further strengthen the business model as also enhance our capacity to over 5,000 MW," he said.

The company has targeted to generate 10,000 MW of power by 2025.