JSW Neo Energy Limited, a wholly owned arm of JSW Energy Limited, has successfully wrapped up the acquisition of a 4.7 GW renewable energy platform from O2 Power Pooling Pte Ltd. The seller, O2 Power, is a renewable platform established by global investors EQT and Temasek in 2020.
The total enterprise value of the transaction is approximately ?12,468 crore, after necessary adjustments outlined in the share purchase agreement. The newly acquired platform is expected to generate a steady EBITDA of ?1,500 crore from 2,259 MW of capacity, projected to be operational by June 2025. An additional investment of ?13,500 crore will be made to expand the platform to 4,696 MW by June 2027, at which point EBITDA is projected to reach ?3,750 crore annually.
As of the 2025 fiscal year, O2 Power has an installed capacity of 1,343 MW. With this addition, JSW Energy’s pro forma installed capacity for FY25 increases to 12,212 MW, with renewable energy making up approximately 54% of the total (6,554 MW).
Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, stated “This marks JSW Energy’s largest acquisition to date and significantly advances our renewable growth strategy. The portfolio includes high-quality assets located in resource-abundant regions, supported by a proven management team. The acquisition accelerates our path to achieving 20 GW capacity, well ahead of our 2030 target. The 900 MW of additional grid connectivity acquired also strengthens our future project pipeline. We are excited to welcome the O2 Power team to our organization.”
Pritesh Vinay, Director (Finance) and CFO of JSW Energy, commented, “This acquisition demonstrates our disciplined approach to growth and capital allocation. O2 Power’s well-developed portfolio complements our current asset base and adds significant operational scale. The transaction offers strategic advantages in terms of quality, returns, and financing, while offering cost efficiencies and operational synergies.”
The platform includes 4,100 MW of utility-scale renewable energy projects and 596 MW of commercial and industrial capacity. Out of the total, 3,722 MW is secured under long-term power purchase agreements (PPAs) with financially strong utility and C&I customers. Another 974 MW has received letters of award or intent and is pending PPA finalization.
The assets are spread across seven Indian states, predominantly in the western region, and comprise a diversified energy mix: 1.8 GW of solar, 0.5 GW of wind, 1.6 GW of hybrid projects, and 0.9 GW of firm and round-the-clock solutions. The average blended tariff for the portfolio stands at ?3.37/kWh. Advisors on the deal included PwC (transaction advisory), Khaitan & Co and Herbert Smith (legal), KPMG (financial and tax due diligence), and Wind Guard (technical due diligence).
JSW Energy Ltd is one of India’s prominent private sector power companies and is part of the USD 24 billion JSW Group, with interests spanning steel, energy, infrastructure, cement, and sports. Since commencing commercial operations in 2000, JSW Energy has grown its installed capacity from 260 MW to 10 GW, ahead of its FY25 goal. The company is currently building an additional 7.5 GW, aiming to achieve a total capacity of 20 GW well before 2030. JSW Energy operates across the power sector value chain with a focus on responsible growth, efficient operations, and long-term value creation for stakeholders.
