JSW signs exclusive deal to buy Mytrah

JSW Group has entered into an exclusive agreement to buy green energy producer Mytrah Energy India in a deal worth about $2 billion in enterprise value, as per reports.

Barclays Bank is managing the sale of Mytrah, which has one of the largest wind databases in the country and an operational portfolio of 2.3 gigawatts (GW). This includes 1.7GW of wind and around 535MW of solar power. It also has 700MW of projects under development.

JSW Group has been active in India’s green energy deal space and participated in the sale process of private equity firm Actis Llp’s renewable energy platform in India Sprng Energy, which Shell Plc agreed to acquire for an enterprise value of $1.55 billion last month.

JSW Group and other investors are actively scouting for such assets as India transitions to clean energy to mitigate the effects of climate change, which many experts said is behind the scorching heatwave across India and Pakistan.

India has set an ambitious target to achieve a renewable energy capacity of 500GW by 2030, triple the current installed capacity of 156.6GW.