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JSW Energy acquires 1,753 MW green assets of MEIPL for over Rs 10,000 crore

JSW Energy on Wednesday said it has completed the acquisition of 1,753 MW of renewable energy assets from Mytrah Energy (India) Private Limited (MEIPL) for over Rs 10,000 crore

Renewable energy

Photo: Bloomberg

Press Trust of India New Delhi

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JSW Energy on Wednesday said it has completed the acquisition of 1,753 MW of renewable energy assets from Mytrah Energy (India) Private Limited (MEIPL) for over Rs 10,000 crore.
"The transaction values the Mytrah Energy portfolio at an enterprise valuation of approximately Rs 10,150 crore after adjusting for net current assets and other adjustments under the share purchase agreements," JSW Energy said in a statement.
JSW Neo Energy Limited (JSW Neo), a wholly-owned subsidiary of JSW Energy Limited, in a two-step process has completed the acquisition of 1,753 MW of renewable energy assets from Mytrah Energy, it added.
The portfolio comprises 1,331 MW of wind capacity and 422 MW (487 MWp DC) of solar capacity operating primarily in the southern, western and central parts of India.
The assets have a proven operational track record and long-term PPA with an average remaining life of 17 years.
This is the largest acquisition made by JSW Energy since inception and will leapfrog the current operational capacity by over 36 per cent -- from 4,811 MW to 6,564 MW.
Moreover, with about 2.9 GW of under-construction projects, which are likely to be commissioned in phases over the next 12-18 months, JSW Energy is well ahead of its target to reach 10 GW operating company by FY2025, with the share of renewables increasing to 61 per cent.
KPMG India Services LLP was the transaction advisor to the company, while Khaitan & Co. were the legal advisors and PricewaterhouseCoopers Services LLP carried out financial and tax due diligence.
Sajjan Jindal, CMD, JSW Energy said, "We proudly announce the completion of the 1.75 GW renewable energy assets acquisition of Mytrah. This takes us a step closer to our vision of expanding our Green Energy portfolio and becoming a significant player in this space by 2025".
Prashant Jain, Joint Managing Director and CEO of JSW Energy said, "This acquisition further strengthens and diversifies our operating footprint across various key resource-rich states, increasing the optionality to grow the portfolio further. The acquisition would help the company in advancing towards its capacity target of 10 GW by FY 2025, well ahead of time".
JSW Energy has set a target to reach 20 GW capacity by 2030 and a near-term target of 10 GW by 2025.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mar 29 2023 | 11:15 PM IST

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