JSW Neo to acquire 4,696 MW renewable energy platform O2 Power in ₹12,468-crore deal

JSW Energy Ltd on Friday said its wholly owned subsidiary JSW Neo Energy Ltd has signed a definitive agreement to acquire a 4,696 MW renewable energy platform from O2 Power Pooling Pte Ltd for an enterprise value of ₹12,468 crore.

“The transaction entails acquisition of O2 Power Midco Holdings Pte. Ltd. and O2 Energy SG Pte. Ltd and is subject to approval of the Competition Commission of India (CCI) and other customary approvals standard to a transaction of this size,” the company said in a statement.

O2 Power’s portfolio includes 2,259 MW of operational capacity expected by June 2025, 1,463 MW under construction, and 974 MW in the pipeline, set for commissioning by June 2027.

Spread across seven resource-rich states, the platform’s blended average tariff stands at ₹3.37 per unit with an estimated remaining life of 23 years.

The acquisition will increase JSW Energy’s total generation capacity by 23%, from 20,012 MW to 24,708 MW.

"This landmark acquisition strengthens our positioning as a leading player in India's energy sector," JSW Energy Joint Managing Director and CEO Sharad Mahendra said in the statement. “These high-quality assets strengthen our operational footprint across key resource-rich states,” he added.

Pritesh Vinay, Director (Finance) and CFO of JSW Energy, said, "The acquisition of O2 Power's renewable energy platform is significantly value accretive to the shareholders of JSW Energy."

JSW Neo emerged as the successful bidder by reportedly outpacing competition from Australian asset manager Macquarie Group, infrastructure investor Stonepeak, and New York-based private equity firm I Squared Capital.