India's JSW Energy will buy O2 Power units from Temasek for $1.47 billion
JSW Energy, the Indian company led by billionaire Sajjan Jindal, announced on Friday that its JSW Neo Energy division will purchase renewable energy platform O2 Power subsidiaries for $1.47 billion.
The acquisition is in line with JSW Energy’s goal of achieving 20GW of renewable-led energy capacity by fiscal 2030, amid a strong push from the government to increase clean energy capacity.
JSW Energy has acquired a portfolio of renewable energy worth 4.7 GW, backed by Singapore's state-owned Temasek as well as EQT Infrastructure.
EQT, a private equity firm based in Sweden, said that it will leave O2 Power after the deal.
By June 2025, approximately 2.26 GW will be in operation. The remaining capacity is scheduled to be installed by June 2027.
According to a filing on the exchange, the proposed acquisition should be completed by or before May 26th 2025.
According to JSW Energy's earnings report for the third quarter, renewable energy is JSW Group's second-largest revenue generator.
The Indian government has increased its investments in renewable energy as it strives to reach its 2030 clean energy goal after failing to achieve its highly publicized 2022 renewables target.
(source: Reuters)
