Indian billionaire's JSW in $1.5bn O2 Power renewables swoop
JSW Energy agrees to buy wind, solar and hybrid platform from investor owners
A unit of JSW Energy, the Indian energy group backed by billionaire Sajjan Jindal, will add almost 5GW of renewables to its stable after agreeing to buy development platform O2 Power.
JSW Neo Energy will buy O2 Power from its current owners, the investment groups EQT and Temasek, in a deal that values the renewable energy group at about $1.5bn.
JSW Energy is part of the Indian conglomerate giant JSW, headed by Jindal who made a fortune in steel and is ranked among India’s richest business people.
O2 Power has a portfolio of 4.7GW spanning wind, solar and hybrid projects, of which about 2.3GW will be operational by the middle of 2025. The company said the majority has agreements with “high quality off-takers with high credit rating”.
JSW Energy aims to have 20GW on its books by 2030, joining a clutch of Indian enterprises that plan to contribute to the renewable energy targets set by Prime Minister Narendra Modi.
Sharad Mahendra, CEO of JSW Energy, said: “We are thrilled to announce the acquisition of O2 Power’s 4.7 GW renewable energy platform which is JSW Energy’s largest acquisition since inception.
“This landmark acquisition strengthens our positioning as a leading player in India’s energy sector. These high quality assets strengthen our operational footprint across key resource-rich states.”
The deal is subject to regulatory approvals and is expected to close by the end of May.
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