JSW Energy Closes Rs 124.68B Deal for 4.7 GW Green Power Assets

JSW Energy has completed a Rs 124.68 billion acquisition of a 4.7 GW renewable energy platform from O2 Power, marking one of the largest deals in the Indian renewables sector. The acquisition expands JSW Energy’s presence in solar and wind energy segments, supporting its long-term vision for sustainable and diversified energy assets.

The deal aligns with JSW Energy’s strategic goal of achieving 20 GW of generation capacity by 2030, with around 85% powered by renewable sources. JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, has successfully completed the acquisition of a 4.7-gigawatt (GW) renewable energy platform from O2 Power for an enterprise value of approximately ₹12,468 crore This strategic move significantly.

Acquisition Details:

• Platform Composition: The acquired assets comprise 4,100 MW of utility-scale renewable energy projects and 596 MW dedicated to commercial and industrial (C&I) capacities. Notably, 3,722 MW of this capacity is secured under power purchase agreements (PPAs) with high-credit-quality off-takers, including both utility-scale and C&I customers. An additional 974 MW has received Letters of Award/Intent and is awaiting PPA signing.
• Energy Mix and Tariffs: The portfolio features a diversified energy mix: 1.8 GW of solar, 0.5 GW of wind, 1.6 GW of hybrid solutions, and 0.9 GW of complex solutions like firm and dispatchable renewable energy (FDRE) or round-the-clock (RTC) power. The platform has a blended average tariff of ₹3.37 per kilowatt-hour (kWh). enhances JSW Energy’s renewable energy portfolio and brings the company closer to its target of achieving 20 GW capacity well before the 2030 deadline. ​

Financial and Operational Impact:

• Current Capacity: As of FY2025, O2 Power’s installed capacity stands at 1,343 MW. With this acquisition, JSW Energy’s total installed capacity increases to 12,212 MW, with renewable enhances JSW Energy’s renewable energy portfolio and brings the company closer to its target of achieving 20 GW capacity well before the 2030 deadline. ​energy accounting for 6,554 MW, representing approximately 54% of the total capacity. ​
• Future Projections: The company anticipates a steady-state EBITDA generation of ₹1,500 crore from 2,259 MW of capacity expected to be operational by June 2025. An additional capital expenditure of around ₹13,500 crore is planned to achieve the full 4,696 MW capacity by June 2027, at which point the annualized EBITDA is projected to reach ₹3,750 crore. ​

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, emphasized that this acquisition brings high-quality assets across resource-rich states and aligns with the company’s vision of achieving 20 GW capacity significantly ahead of the 2030 target. He also highlighted that O2 Power provides additional connectivity for 900 MW, facilitating future growth.

This acquisition underscores JSW Energy’s commitment to expanding its enhances JSW Energy’s renewable energy portfolio and brings the company closer to its target of achieving 20 GW capacity well before the 2030 deadline. ​renewable energy footprint and contributes to India’s broader goals of enhancing clean energy capacity.​

JSW Energy, through its subsidiary has finalized the acquisition of a 4.7 GW renewable energy platform from O2 Power for an enterprise value of approximately ₹12,468 crore. This strategic move significantly enhances JSW Energy’s renewable energy portfolio, bringing the company closer to its target of achieving 20 GW capacity well before the 2030 deadline.

• Platform Composition: The acquired assets comprise 4,100 MW of utility-scale renewable energy projects and 596 MW dedicated to commercial and industrial (C&I) capacities. Notably, 3,722 MW of this capacity is secured under power purchase agreements (PPAs) with high-credit-quality off-takers, including both utility-scale and C&I customers. An additional 974 MW has received Letters of Award/Intent and is awaiting PPA signing. ​
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