JSW Energy To Buy Renewable Portfolio Of London Based Mytrah Energy

Highlights :

  • This is the largest acquisition ever by JSW Energy in this segment. The acquisition will be done through JSW Neo Energy, the wholly-owned subsidiary JSW Energy.
  • At present, the portfolio of Mytrah Energy includes 10 wind special purpose vehicles (SPVs) that have a total green energy production capacity of 1,331 MW. It also owns seven solar special purpose vehicles that have 422 MW of generation capacity.

Sajjan Jindal-led JSW Energy has inked a pact for the acquisition of the 1,753 MW renewable energy portfolio of Mytrah Energy. The deal comes at a price of Rs 10,530 crore. This is the largest acquisition ever by JSW Energy in this segment. The information has been revealed by JSW Energy in a regulatory filing.

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The acquisition will be done through JSW Neo Energy, the wholly-owned subsidiary JSW Energy and the new addition will lead to the increased renewable energy portfolio of the company to 9.1 GW. Also, in terms of percentage, the renewable energy share will swell to 65 per cent.  JSW Energy has said that the new acquisition will help in the company’s renewable-led capacity growth target of 10 GW by financial year 2025.

At present, the portfolio of Mytrah Energy includes 10 wind special purpose vehicles (SPVs) that have a total green energy production capacity of 1,331 MW. It also owns seven solar special purpose vehicles that have 422 MW of generation capacity. These projects are widespread in India and are mainly operational in the southern, western and central parts of the country.

JSW Energy said that the assets that are being taken over have PPAs with 18 years of average remaining life. Prashant Jain, Joint Managing Director and CEO of JSW Energy, stated, “We are excited to acquire Mytrah’s 1.75 GW of renewable energy portfolio which is value accretive to our shareholders on day one. This landmark deal demonstrates our strong commitment to achieve our vision of achieving 10 GW capacity by 2025 and being a leading player in India’s Energy Transition. This acquisition further strengthens and diversifies our operating footprint across various key resource rich states. JSW Energy will continue to look for more such opportunities for value accretive acquisition to aid its already ambitious growth plans for this sector.”

The said transaction will be completed by mid November, 2022 as it remains subject to approvals by the Competition Commission of India and other authorities. JSW Energy said that the enterprise value of Rs 10,530 crore is after adjusting for net current assets, subject to net working capital and other adjustments.

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