JSW Energy’s wholly-owned subsidiary -- JSW Neo Energy (JSWNEL) has agreed to acquire a portfolio of 1,753 MW of Renewable Energy generation capacity from Mytrah Energy (India) (MEIPL) comprising of 17 SPVs and 1 Ancillary SPV. Necessary definitive agreements have been signed between the parties. The transaction is subject to receipt of the necessary regulatory and other customary approvals. Upon consummation of the transaction, the said 18 subsidiaries of MEIPL would become subsidiaries of JSWNEL and step-down subsidiaries of the Company. The transaction values the Mytrah Energy portfolio at an enterprise valuation of around Rs 10,530 crore, after adjusting for net current assets.
This is the largest acquisition made by JSW Energy since inception, and will leapfrog the current operational generation capacity by over 35% from 4,784 MW to 6,537 MW. Moreover, with about 2,500 MW of under-construction wind and hydro projects which are likely to be commissioned in phases over the next 18-24 months, JSW Energy platform capacity gets enhanced to 9.1 GW where the share of renewables increases to 65%. Further, this is likely to help the company in achieving its renewable-led capacity growth target of 10 GW by FY25, well ahead of timelines.
JSW Energy, part of the JSW Group, is a growing energy company. The Group has diversified interests in carbon steel, power, mining, industrial gases, port facilities, aluminium, cement and information technology.
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