JSW Energy Ltd acquired O2 Power via their subsidiary JSW Neo Energy. O2 Power is a renewable energy platform with a 4.7 GW portfolio. The valuation is marked at approximately INR 12,468 crore. Established in 2020 by the joint association of global investors EQT and Temasek, headquartered in Gurugram, India.
The acquisition empowers JSW Energy, and the company’s installed capacity has risen to 12,212 MW. The company is expected to have a steady generation of EBITDA of INR 1,500 crore in order to become operational by June 2025.
“We are pleased to announce the completion of JSW Energy’s largest acquisition to date of 4.7 GW of O2 Power. This acquisition brings high-quality assets across resource-rich states, along with a management team and employees having a proven track record in planning and execution. This strategic acquisition brings us closer to achieving our 20 GW capacity target well ahead of the 2030 deadline. O2 Power also brings an additional 900 MW of capacity, which will facilitate our future growth.” says Sharad Mahendra, Joint Managing Director and CEO of JSW Energy.
The transaction advisor of the company was PwC. The legal advisors were Khaitan & Co and Herbert Smith Freehills. The financial and tax due diligence were handled by KPMG India, whereas the technical due diligence was tackled by Wind Guard.
This is a strategic acquisition that will strengthen the vision of JSW Energy to achieve 20 GW of generation capacity and 40 GWh of energy storage before 2030. Strengthening the position in the renewable energy sector.
Director (Finance) and CFO of JSW Energy, Pritesh Vinay, added, “The completion of the O2 Power acquisition underscores our commitment towards value-accretive growth and prudent capital allocation. O2 Power has built an attractive portfolio with a strong operating and financial profile.”
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