JSW Energy finalises ₹12K cr acquisition of O2 Power's renewable platform

Don't want to miss the best from Business Standard?

JSW Energy has completed its largest acquisition to date with the Rs 12,468 crore purchase of a 4.7 gigawatt (GW) renewable energy platform from O2 Power, accelerating its path toward a 20 GW clean energy target ahead of its 2030 deadline.

 

The deal, executed through its wholly owned subsidiary JSW Neo Energy, adds 4,696 megawatt (MW) of capacity spread across solar, wind, hybrid, and round-the-clock (RTC) renewable power, according to a company statement.

 

It brings JSW Energy’s pro forma installed capacity to 12,212 MW, with renewable assets now accounting for more than half of its total portfolio.

 

O2 Power, backed by investment firms EQT and Temasek, brings 1,343 MW of operational assets and a pipeline that is expected to deliver Rs 1,500 crore in steady-state Ebitda from 2,259 MW by June 2025. An additional Rs 13,500 crore in capex will be deployed to fully build out the platform by June 2027, lifting steady-state Ebitda to Rs 3,750 crore.

 

The O2 platform includes 4,100 MW of utility-scale projects and 596 MW dedicated to commercial and industrial (C&I) consumers. Of the total, 3,722 MW are tied to power purchase agreements (PPAs) with creditworthy offtakers, while another 974 MW has received letters of award or intent, according to the statement.