JSW Energy Closes Mytrah Deal For 1.7 GW Renewable Portfolio At Rs 10,530cr

JSW Emergy & SECI partnership

JSW Neo Energy, the fully owned subsidiary of JSW Energy has announced that it has acquired a renewable energy generation portfolio of 1,753 MW from Mytrah Energy (India) Pvt Ltd.

JSW Energy said that this acquisition is made of 15 SPVs and 13 ancillary SPVs of Mytrah Energy having a total renewable energy stalled capacity of 1,449 MW. After the acquisition, the 28 subsidiaries of Mytrah Energy will automatically become subsidiaries of JSW Neo Energy.

The acquisition by JSW Energy also envisages the infusion of Optionally Convertible Debentures (OCDs) that comes with right to equity conversion. The firm has also executed binding Forward Sale Agreements for the two remaining SPVs that have 304 MW of renewable energy assets.

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The transaction values the Mytrah Energy portfolio at an Enterprise Valuation of approximately Rs. 10,530 Crores, after adjusting for net current assets.

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). These capacities operate primarily in the southern, western and central parts of India. The assets have a proven operational track record and long-term PPA with an average remaining life of about 17 years.

The official statement held that this is the largest acquisition made by JSW Energy since inception, and will leapfrog the current operational generation capacity by over 36 per cent from 4,811 MW to 6,564 MW. Moreover, with about 2.9 GW of under-construction wind and hydro projects which are likely to be commissioned in phases over the next 12-18 months, JSW Energy platform capacity gets enhanced to 10 GW – where the share of renewables increases to 61%.

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Further, this is likely to help JSW Energy in achieving its renewable-led capacity growth target of 10 GW by FY25, well ahead of timelines.

 “The acquisition would help the Company in advancing towards its capacity target of 10 GW by FY 2025, well ahead of time,” Prashant Jain, Joint Managing Director and CEO, JSW Energy.

Recently, the firm recently commissioned a 27 MW of wind energy capacity, which is was part of the first phase of its 450 MW wind project at Tuticorin in Tamil Nadu.

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JSW Energy also entered the storage segment when it secured an LoA from SECI for standalone battery energy storage systems of 500 MW/1,000 MWh capacity.