JSW Energy unit acquires 1,735MW RE assets from Mytrah Energy

It is composed of 1,331MW of wind and 422MW of solar.

JSW Energy’s subsidiary JSW Neo Energy Limited has completed the purchase of 1,753 megawatts of renewable energy assets from Mytrah Energy, the company’s largest acquisition in its history.

In a statement, JSW Energy said the transaction was a two-step process which involved the acquisition of 15 special purpose vehicles (SPVs), and 13 ancillary SPVs which have 1,449MW of installed renewable capacity.

The transaction, which was valued the Mytrah Energy portfolio at around $1.2b (INR10,150 crore), included the infusion of optionally convertible debentures with a right to convert into equity and the execution of forward sale agreements for two SPVs with renewable assets of 304MW.

JSW said the acquired portfolio is composed of 1,331MW of wind capacity and 422MW of solar capacity which has a proven operational track record and long-term power purchase agreements with an average remaining life of around 17 years.

“This acquisition further strengthens and diversifies our operating footprint across various key resource-rich states, increasing optionality to grow the portfolio further,” said JSW Energy Joint Managing Director and CEO Prashant Jain, adding that this would help the company reach its capacity target of 10GW by the financial year 2025 ahead of time.

The acquisition raises the company’s operational capacity by over 36% to reach 6,564MW.
$1 = INR82.16