JSW Energy acquires 1,753 MW green assets of MEIPL for over Rs 10,000 crore – EQ Mag
JSW Energy said that it has finished paying over Rs 10,000 crore to Mytrah Energy (India) Private Limited (MEIPL) for 1,753 Megawatt of renewable energy assets. After taking into account net current assets and other adjustments made pursuant to the share purchase agreements, the deal values the Mytrah Energy portfolio at an enterprise valuation of roughly Rs 10,150 crore.
The acquisition of 1,753 MW of renewable energy assets from Mytrah Energy was completed in two steps by JSW Neo Energy Limited (JSW Neo), a wholly-owned subsidiary of JSW Energy Limited, it was stated. In India’s southern, western, and central regions, the portfolio’s 1,331 MW of wind capacity and 422 MW (487 MWp DC) of solar power are both operational. The assets have a long-term PPA with an average remaining life of 17 years and a track record of successful operations. This is the greatest acquisition JSW Energy has made since its establishment, and it will increase operational capacity from 4,811 MW to 6,564 MW by more than 36%.
JSW Energy is far ahead of its goal to reach 10 GW operating firm by FY2025, with the share of renewables increasing to 61%, with roughly 2.9 GW of under-construction projects, which are projected to be commissioned in phases over the next 12 to 18 months.
The company’s transaction advisor was TKPMG India Services LLP, its legal counsel was Khaitan & Co., and PwC Services LLP handled its financial and tax due diligence. JSW Energy’s CMD, Sajjan Jindal, said: “We are pleased to announce the successful acquisition of Mytrah’s 1.75 GW of renewable energy assets. This moves us one step closer to our goal of growing our Green Energy portfolio and dominating this market by 2025 “.
Joint Managing Director and CEO of JSW Energy Prashant Jain stated, “Our operating footprint is further strengthened and diversified with this acquisition across several important resource-rich states, giving us more flexibility to expand our portfolio. The acquisition would speed up the company’s progress towards its capacity goal of 10 GW by FY 2025 “. JSW Energy has a long-term goal of 10 GW by 2025 and a short-term goal of 20 GW capacity by 2030.
Source: PTI
