NEW DELHI: Sajjan Jindal-promoted JSW Energy on Friday announced an all-cash deal to acquire green energy business of O2 Power, backed by Swedish private equity firm EQT and Singapore’s state investment arm Temasek, for Rs 12,468 crore, or about $1.4 billion.The largest acquisition by JSW is part of its strategy to achieve 20 gigawatts (GW) generation capacity by April 2030 and expected to be completed May 26, subject to statutory approvals. The deal will be carried out through JSW Energy subsidiary JSW Neo Energy, which will acquire 100% interest in O2 Power Midco Holdings Pte and O2 Energy SG Pte. O2 Power was founded in November 2019 by three former ReNew Power executives – Parag Sharma, Peeyush Mohit and Rakesh Garg. It has a 4.7 GW portfolio consisting of operational and under-construction renewable energy projects across seven states. These include 1,731 mega watt (MW), 475 MW wind, 1,580 MW hybrid and 910 round-the-clock renwable capacity. JSW expects to make further capital expenditure of Rs 13,000-14,000 crore in the next few years in O2 Power, with a blended average tariff of Rs 3.37 per unit.
JSW to buy green energy business of O2 Power for $ 1.4 billion
