New Delhi: JSW Neo Energy, a wholly owned subsidiary of JSW Energy Ltd, has acquired a 4.7 GW renewable energy platform from Singapore-based O2 Power Pooling Pte. Ltd. for an enterprise value of Rs 12,468 crore.
The acquisition marks one of the largest in India’s renewable energy space and significantly expands JSW Energy’s green energy portfolio.
Majority of Capacity Already Tied to PPAs
The platform comprises 4,100 MW of utility-scale renewable energy projects and 596 MW of commercial and industrial (C&I) capacity. Of the total capacity, 3,722 MW is already tied to long-term power purchase agreements (PPAs), while 974 MW has received Letters of Award or Intent and awaits final PPA execution.
As of FY25, O2 Power’s installed capacity stands at 1,343 MW. With the latest addition, JSW Energy’s total installed capacity rises to 12,212 MW, of which approximately 6,554 MW, or 54 per cent, is renewable.
Geographical Spread and Energy Mix
The acquired assets are spread across seven states in western India. The portfolio includes a mix of 1.8 GW solar, 0.5 GW wind, 1.6 GW hybrid, and 0.9 GW of firm dispatch renewable energy (FDRE), also known as round-the-clock (RTC) solutions. The average blended tariff across the platform is Rs 3.37 per kilowatt-hour (kWh).
Expansion Plans and Financial Targets
JSW Energy expects to generate a steady-state EBITDA of Rs 1,500 crore from 2,259 MW of operational capacity by June 2025. The company has also announced plans to invest Rs 13,500 crore to scale the acquired capacity to 4,696 MW by June 2027, aiming for an annual EBITDA of Rs 3,750 crore from the expanded assets.
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