JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, has acquired Mytrah Energy’s renewable energy assets in two steps. JSW Energy signed an agreement in August last year to acquire Mytrah Energy’s 1,753 MW renewable energy portfolio for an enterprise value of about Rs 1,053 crore, its largest-ever acquisition. The transaction was executed through its wholly-owned subsidiary JSW Neo Energy.

The acquisition includes 15 special purpose vehicles (SPVs) and 13 auxiliary SPVs with an installed renewable energy capacity of 1,449 MW. Following the transaction’s closing, SPV has become a JSW Neo subsidiary and, accordingly, a sub-subsidiary of JSW Energy.

Mytrah’s 1,753 MW portfolio includes 1,331 MW of wind and 422 MW of solar, operating mainly in India’s southern, western and central regions. The assets have long-term power purchase agreements with an average remaining life of about 17 years, it said. “This brings us one step closer to our vision of expanding our green energy portfolio and becoming a significant player in the sector by 2025,” said JSW Energy CMD Sajjan Jindal.

Prashant Jain, Joint MD and CEO of JSW Energy said, “This acquisition further strengthens and diversifies our operational footprint across key resource-rich states, increasing options for further portfolio development. We are confident of significantly enhancing the operational performance of the Mytrah portfolio by leveraging our operational and financing expertise to implement a comprehensive asset optimisation and performance improvement programme. This acquisition will help the company achieve its FY25 capacity target of 10 GW ahead of schedule.”

The acquisition will help JSW Energy increase its current operating capacity by more than 36% from 4,811 MW to 6,564 MW. Furthermore, with approximately 2.9 GW of projects under construction likely to be phased in over the next 12-18 months, JSW Energy expects to achieve its 10 GW target by FY25, increasing the share of renewable energy to approximately 61%.