JSW Neo Energy Ltd., a wholly owned subsidiary of JSW Energy Ltd., has successfully completed its largest acquisition to date, securing a 4.7 GW renewable energy platform from O2 Power Pooling Pte, according to an exchange filing on Wednesday.
The enterprise valuation is of Rs 12,468 crore and this places JSW Energy closer to its 20 GW capacity target well before 2030. This order also expands its renewable energy portfolio, it said.
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The acquired platform, established by global investment organizations EQT and Temasek, includes 4,100 MW of utility-scale and 596 MW of commercial and industrial renewable energy projects spread across seven states, primarily in western India, the filing said.
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The acquired assets have 3,722 MW of capacity tied up under power purchase agreements with high-credit-quality off-takers, and an additional 974 MW awaiting PPA signings.
The portfolio features a diversified energy mix comprising 1.8 GW of solar, 0.5 GW of wind, 1.6 GW of hybrid, and 0.9 GW of complex solutions. As of financial year 2025, O2 Power's installed capacity stands at 1,343 MW, bringing JSW Energy's installed capacity to 12,212 MW. The renewable energy accounts for approximately 54% or 6,554 MW of the total.
JSW Energy anticipates a steady-state Ebitda generation of Rs 1,500 crore from 2,259 MW of capacity expected to be operational by June 2025.
The company plans to invest approximately Rs 13,500 crore to reach the full 4,696 MW capacity by June 2027. The acquisition also provides additional connectivity for 900 MW, facilitating growth for JSW Energy.
Shares of JSW Energy closed 1.62% lower at Rs 482.3 apiece on the National Stock Exchange, compared to a 0.61% decline in the benchmark Nifty. The share price has fallen 21.33% in the last 12 months and 24.95% on a year-to-date basis.
Nine out of the 16 analysts tracking the company have a 'buy' rating on the stock, two suggest 'hold' and five recommend 'sell', according to Bloomberg.
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