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ICICI Securities Report
JSW Energy Ltd. has been shifting gears towards renewable energy over the last couple of years, as is evidenced by their locked-in RE portfolio of 15.3 giga watt at end-Q2 FY25 (versus H2 FY23's 6GW). It has emerged as the H1 bidder for O2 Power at a deal value of Rs 125 billion.
O2 Power, founded in 2020, is an RE generation platform backed by EQT and Temasek. It has an operational portfolio of over 1.2GW and a total locked-in portfolio of 4.7GW.
This brings JSW Energy's locked-in portfolio to 20.4GW (including NTPC's 400MW solar project LoA announced recently) and locked-in Ebitda to Rs 147.5 billion (JSW Energy: Rs 110 billion; O2 Power: Rs 37.5 billion).
Further, O2 Power has a C&I play of 0.6GW, adding to JSW Energy's own 3.7GW C&I portfolio. Thus, we upgrade the stock to Buy with a target price of Rs 720 per share.
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