, India
Photo by Pixabay from Pexels.

JSW Energy unit acquires 1,735MW RE assets from Mytrah Energy

It is composed of 1,331MW of wind and 422MW of solar.

JSW Energy’s subsidiary JSW Neo Energy Limited has completed the purchase of 1,753 megawatts of renewable energy assets from Mytrah Energy, the company’s largest acquisition in its history.

In a statement, JSW Energy said the transaction was a two-step process which involved the acquisition of 15 special purpose vehicles (SPVs), and 13 ancillary SPVs which have 1,449MW of installed renewable capacity.

The transaction, which was valued the Mytrah Energy portfolio at around $1.2b (INR10,150 crore), included the infusion of optionally convertible debentures with a right to convert into equity and the execution of forward sale agreements for two SPVs with renewable assets of 304MW.

READ MORE: Installed renewables capacity in India reaches over 168GW

JSW said the acquired portfolio is composed of 1,331MW of wind capacity and 422MW of solar capacity which has a proven operational track record and long-term power purchase agreements with an average remaining life of around 17 years.

“This acquisition further strengthens and diversifies our operating footprint across various key resource-rich states, increasing optionality to grow the portfolio further,” said JSW Energy Joint Managing Director and CEO Prashant Jain, adding that this would help the company reach its capacity target of 10GW by the financial year 2025 ahead of time.

The acquisition raises the company’s operational capacity by over 36% to reach 6,564MW.
$1 = INR82.16

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Coal-dependent ASEAN told to scale up RE generation
A regional power grid could help governments in their renewable energy transition.
Indonesia told to tap communities in clean energy transition
Solar and wind power managed by villages could generate 96 million jobs over 25 years.
Indonesia to add 90 MW geothermal capacity
Three power plants in West and East Java and North Sumatra will start operating this year.