JSW Neo buys 1.75GW RE capacity for Rs 10,530 cr

New Delhi: JSW Energy on Wednesday said its arm JSW Neo Energy will acquire 1,753MW of renewable energy (RE) generation capacity from Mytrah Energy for Rs10,530 crore.

JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, has agreed to acquire a portfolio of 1,753 MW of renewable energy generation capacity -- comprising 17 SPVs and one Ancillary SPV -- from Mytrah Energy (India) Private Limited, a statement said.

Necessary definitive agreements have been signed between the parties, it added. The transaction is subject to the approval of the Competition Commission of India (CCI) and other customary approvals standards for a transaction of this size. The transaction values the Mytrah Energy portfolio at an enterprise valuation of approximately Rs10,530 crore after adjusting for net current assets, as per the statement.

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 (power purchase agreement) with an average remaining life of 18 years. This is the largest acquisition made by JSW Energy since its inception, and will leapfrog the current operational generation capacity by over 35 per cent -- from 4,784 MW to 6,537 MW, the statement said.