JSW Energy Completes Rs 124.68 Bn Acquisition of O2 Power’s 4.7 GW Assets

11 Apr 2025 CW Team

As of FY2025, O2 Power's installed capacity stands at 1,343 MW, increasing JSW Energy’s total installed capacity to 12,212 MW. Out of this, renewable energy accounts for 6,554 MW, approximately 54 per cent of the total. This acquisition marks a major milestone in JSW Energy’s transition towards a cleaner energy portfolio.

The platform is projected to generate a steady-state EBITDA of Rs 15 billion from the 2,259 MW capacity expected to be operational by June 2025. With a further capital expenditure of Rs 135 billion, the company aims to commission the full 4,696 MW by June 2027, which is estimated to yield an annual EBITDA of Rs 37.50 billion.

The acquired assets include 4,100 MW of utility-scale renewable energy projects and 596 MW in the commercial and industrial (C&I) segment. Of the total capacity, 3,722 MW is already tied up under long-term power purchase agreements (PPAs) with financially strong off-takers. An additional 974 MW has received Letters of Award/Intent and is awaiting PPA finalization.

These assets are spread across seven resource-rich states, mainly in western India, and consist of a diversified energy mix — 1.8 GW solar, 0.5 GW wind, 1.6 GW hybrid, and 0.9 GW of firm and dispatchable/round-the-clock (FDRE/RTC) solutions. The platform operates at a blended average tariff of Rs 3.37/kWh.

PWC advised on the transaction, with Khaitan & Co and Herbert Smith handling legal aspects. Financial and tax due diligence was conducted by KPMG, while Wind Guard completed technical evaluations.

News source: CNBC TV18

JSW Energy, through its wholly owned subsidiary JSW Neo Energy, has completed the acquisition of a 4.7 GW renewable energy platform from O2 Power Pooling for an enterprise value of approximately Rs 124.68 billion. O2 Power, founded in 2020 by global investors EQT and Temasek, has contributed significantly to the renewable sector in India. As of FY2025, O2 Power's installed capacity stands at 1,343 MW, increasing JSW Energy’s total installed capacity to 12,212 MW. Out of this, renewable energy accounts for 6,554 MW, approximately 54 per cent of the total. This acquisition marks a major milestone in JSW Energy’s transition towards a cleaner energy portfolio. The platform is projected to generate a steady-state EBITDA of Rs 15 billion from the 2,259 MW capacity expected to be operational by June 2025. With a further capital expenditure of Rs 135 billion, the company aims to commission the full 4,696 MW by June 2027, which is estimated to yield an annual EBITDA of Rs 37.50 billion. The acquired assets include 4,100 MW of utility-scale renewable energy projects and 596 MW in the commercial and industrial (C&I) segment. Of the total capacity, 3,722 MW is already tied up under long-term power purchase agreements (PPAs) with financially strong off-takers. An additional 974 MW has received Letters of Award/Intent and is awaiting PPA finalization. These assets are spread across seven resource-rich states, mainly in western India, and consist of a diversified energy mix — 1.8 GW solar, 0.5 GW wind, 1.6 GW hybrid, and 0.9 GW of firm and dispatchable/round-the-clock (FDRE/RTC) solutions. The platform operates at a blended average tariff of Rs 3.37/kWh. PWC advised on the transaction, with Khaitan & Co and Herbert Smith handling legal aspects. Financial and tax due diligence was conducted by KPMG, while Wind Guard completed technical evaluations. News source: CNBC TV18

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