JSW Neo Energy to acquire Mytrah's renewable energy portfolio for Rs 10,530 crore

JSW Neo Energy, a wholly owned subsidiary of JSW Energy, is set to acquire a portfolio of renewable energy from Mytrah Energy Pvt Ltd for Rs 10,530 crore. The 1,753 MW renewable energy generation capacity portfolio comprises 17 SPVs and one Ancillary SPV.

Both parties have signed definitive agreements. The completion of the deal is expected to be completed by November 15, subject to approval by the Competition Commission of India CCI and other customary approvals, including of lenders.

The acquired portfolio of Mytrah consists of 10 wind SPVs with a generation capacity of 1,331 MW and seven solar SPVs with a generation capacity of 422 MW. These SPVs are primarily used in the southern, western, and central parts of the country. The assets have a proven track record and long-term PPA with an average remaining life of 18 years, the company said in a statement.

JSW Energy will increase its current operational capacity by 35 per cent from 4,784 MW to 6,537 MW, with its largest acquisition to date. The company has already 2,500 MW of under-construction wind and hydro projects, which are likely to be commissioned in phases in the next 18 -- 24 months.

The platform capacity of JSW Energy will increase to 9.1 GW, while the share of renewables will increase to 65 per cent. This will help the company achieve its renewable-led capacity growth target of 10 GW by FY 25.

Prashant Jain, Joint Managing Director and CEO of JSW Energy, said he was excited to acquire Mytrah's 1.75 GW of renewable energy portfolio, which is value accretive to shareholders on day one. This landmark deal shows that we have a commitment to achieve our vision of 10 GW capacity by 2025 and being a leading player in India's Energy Transition. This acquisition further strengthens and diversifies our operating footprint across various key resource rich states, and JSW Energy will continue to look for more opportunities for value accretive acquisition to aid its already ambitious growth plans for this sector. By 2030, the company hopes to reduce 50 per cent of its carbon footprint and achieve carbon neutrality by the year 2050.