JSW Energy, an Indian power company, has completed the acquisition of 1,753 MW of renewable energy assets from Mytrah Energy for over Rs 10,000 crore.
JSW Energy has stated that the acquisition of 1,753 MW of renewable energy assets values the Mytrah Energy portfolio at an enterprise valuation of around INR 10,150 crore, after adjusting for net current assets and other adjustments as per the share purchase agreements.
The assets are primarily based in southern, western and central parts of India and include 1,331 MW of wind capacity and 422 MW of solar capacity.
The assets have a long-term PPA with an average remaining life of 17 years. The acquisition, the largest made by JSW Energy since inception, will increase the company’s operational capacity by over 36% from 4,811 MW to 6,564 MW.
The company is well ahead of its target to reach 10 GW operating capacity by FY2025, with the share of renewables increasing to 61%. The deal also brings JSW Energy closer to its target of reaching 20 GW capacity by 2030.
The company’s subsidiary, JSW Neo Energy, carried out the acquisition in a two-step process.
KPMG India Services was the transaction advisor, while Khaitan & Co. and PricewaterhouseCoopers Services were the legal and financial/tax advisors, respectively.
JSW Energy’s CMD, Sajjan Jindal, said the acquisition took the company a step closer to its vision of expanding its green energy portfolio and becoming a significant player in this space by 2025.