India's JSW Energy To Buy 1.75 GW Of Wind And Solar Power From Mytrah
Aug 15, 2022
Indian power company JSW Energy Limited, through its wholly owned subsidiary, plans to acquire 1,753 MW of wind and solar capacity from independent power producer Mytrah Energy (India) Private Limited.
JSW Neo Energy signed an agreement to acquire 17 special purpose vehicles (SPVs) and one affiliated SPV. the agreement has an enterprise value of approximately Rs 105.3 crore (US$1.32 billion/€1.28 billion) for Mytrah Energy's portfolio.
JSW Energy said there are 10 SPVs in the portfolio with 1,331 MW of wind power and seven SPVs with 422 MW/487 MW of solar power, operating mainly in southern, western and central India.
These power plants are backed by long-term power purchase agreements (PPAs) and have an average remaining life of approximately 18 years.
The acquisition is the largest ever by JSW Energy and requires approval from the Competition Authority of India, as well as other conventional approvals.
Once the deal is finalised, JSW Energy's operating portfolio will be boosted to 6,537 MW from the current 4,784 MW. This will be in addition to the approximately 2,500 MW of wind and hydro power capacity currently under construction by the company. These projects are likely to be commissioned in phases over the next 18 to 24 months.
Prashant Jain, Joint Managing Director and CEO of JSW energy, commented, "We are pleased to acquire Mytrah's 1.75 GW renewable energy portfolio, which is accretive to our shareholders on day one."
Jain added: "This landmark transaction demonstrates our strong commitment to achieving our vision of 10 GW of capacity by 2025 and being a leader in India's energy transformation. The acquisition further strengthens and diversifies our operational footprint across key resource-rich states."
