JSW Energy to acquire renewable portfolio

Mumbai, Aug 10: JSW Neo Energy (JSW Neo), a wholly-owned subsidiary of JSW Energy, has agreed to acquire a portfolio of 1,753 MW of renewable energy generation capacity from Mytrah Energy (India) Pvt Ltd comprising 17 SPVs and one ancillary SPV.
Necessary definitive agreements have been signed between the parties. The transaction is subject to approval of the Competition Commission of India (CCI) and other customary approvals.
The transaction values the Mytrah Energy portfolio at an enterprise valuation of Rs 10,530 crores after adjusting for net current assets.
The Mytrah portfolio consists of 10 Wind SPVs with a generation capacity of 1,331 MW and 7 Solar SPVs with a generation capacity of 422 MW (487 MWp DC), operating primarily in the southern, western and central parts of India.
The assets have a proven operational track record and long-term PPA with an average remaining life of 18 years.
This is the largest acquisition made by JSW Energy since inception, and will leapfrog the current operational generation capacity by over 35 per cent – from 4,784 MW to 6,537 MW.
Moreover, with about 2,500 MW of under-construction wind and hydro projects which are likely to be commissioned in phases over the next 18-24 months, JSW Energy platform capacity gets enhanced to 9.1 GW ? where the share of renewables increases to 65 per cent.