JSW Energy has announced that its subsidiary, JSW Neo Energy Ltd (JSWNEL), will acquire the entire equity of 12 special purpose vehicles (SPVs) of Mytrah Energy (India) Pvt Ltd (MEIPL) to achieve a holistic completion of its transaction.
In August 2022, JSWNEL had agreed to acquire a portfolio of 1,753 MW of renewable energy generation capacity from MEIPL, comprising 17 SPVs and 1 ancillary SPV.
The latest acquisition will help Mytrah Vayu (Sabarmati) Pvt Ltd, which owns a 250 MW wind power plant, to have better exclusive holding rights to certain land parcels used by it.
The acquisition of the 12 SPVs is expected to be completed by April 30, 2023, subject to fulfilment of conditions precedent set out in the share purchase agreement, and the cumulative consideration payable for these 12 SPVs is Rs 1.82 crore. The acquisition will further strengthen JSW Energy’s position as a leading renewable energy company in India.