JSW Neo to acquire 1.7 GW renewable energy portfolio from Mytrah Energy for Rs 10,530 cr

JSW Neo Energy, a wholly owned subsidiary of JSW Energy, is set to acquire a portfolio of renewable energy from Mytrah Energy Pvt Ltd for Rs 10,530 crore. The 1,753 MW renewable energy generation capacity portfolio comprises 17 SPVs and one Ancillary SPV. 

Both the parties have signed definitive agreements. The completion of the deal is expected by November 15, subject to approval by Competition Commission of India (CCI) and other customary approvals, including of lenders.

The acquired portfolio of Mytrah consists of 10 wind SPVs with a generation capacity of 1,331 MW and seven solar SPVs with a generation capacity of 422 MW. These SPVs primarily operate in the southern, western, and central parts of the country. “The assets have a proven operational track record and long-term PPA with an average remaining life of ~18 years,” the company said in a statement. 

JSW Energy, with its largest acquisition till date, will expand its current operational generation capacity by over 35 per cent from 4,784 MW to 6,537 MW. The company already has 2,500 MW of under-construction wind and hydro projects, likely to be commissioned in phases in the next 18-24 months. 

With this, JSW Energy’s platform capacity will increase to 9.1 GW, while the share of renewables will increase to 65 per cent. This will, additionally, help the company in achieving its renewable-led capacity growth target of 10 GW by FY25 before its expected time. 

Prashant Jain, Joint Managing Director and CEO of JSW Energy, said: “We are excited to acquire Mytrah’s 1.75 GW of renewable energy portfolio which is value accretive to our shareholders on day one. This landmark deal demonstrates our strong commitment to achieve our vision of achieving 10 GW capacity by 2025 and being a leading player in India’s Energy Transition. This acquisition further strengthens and diversifies our operating footprint across various key resource rich states…JSW Energy will continue to look for more such opportunities for value accretive acquisition to aid its already ambitious growth plans for this sector.”

The company aims to reduce 50 per cent of its carbon footprint by 2030 and achieve carbon neutrality by 2050. JSW Energy aims to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85 per cent. 

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