JSW Neo Energy will acquire a portfolio of 1,753 MW of Renewable Energy generation capacity from Mytrah Energy (India) Private Limited for $133.01 million (Rs 10,530 crore).
The wholly owned subsidiary of JSW Energy’s transaction is subject to approval of the Competition Commission of India (CCI) and other customary approvals.
Mytrah Portfolio consists of 10 Wind SPVs with a generation capacity of 1,331 MW and 7 Solar SPVs with a generation capacity of 422 MW (487 MWp DC), operating primarily in the southern, western and central parts of India. The assets have a proven operational track record and long-term PPA with an average remaining life of 18 years.
With about 2,500 MW of under-construction wind and hydro projects which are likely to be commissioned in phases over the next 18-24 months, JSW Energy platform capacity gets enhanced to 9.1 GW– where the share of renewables increases to 65%.
This is also likely to help the company in achieving its renewable-led capacity growth target of 10 GW by FY25.
Aside from generation, JSW Energy will also continue to pursue its organic pursuit of storage as well as green hydrogen and its derivatives play.Tags: CCI, JSW Energy, Mytrah Energy, Renewable Energy