JSW Neo Energy to acquire Mytrah’s 1.75 GW renewable portfolio for Rs. 10,530 Cr

Mytrah Energy

JSW Neo Energy, a wholly owned subsidiary of JSW Energy, to acquire a portfolio of 1,753 MW of renewable energy generation capacity from Mytrah Energy for an enterprise valuation of approximately Rs. 10,530 crores.

The 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 long-term PPA with an average remaining life of around 18 years.

This is the largest acquisition made by JSW Energy since inception, and will leapfrog the current operational generation capacity by over 35% – from 4,784 MW to 6,537 MW. Moreover, 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 around 9.1 GW – where the share of renewables increases to about 65%. Further, this is likely to help the company in achieving its renewable-led capacity growth target of 10 GW by FY25, well ahead of timelines.

Prashant Jain, Joint Managing Director and CEO of JSW Energy, said, “We are excited to acquire Mytrah’s 1.75 GW of renewable energy portfolio which is value accretive to our shareholders on day one. This landmark deal demonstrates our strong commitment to achieve our vision of achieving 10 GW capacity by 2025 and being a leading player in India’s Energy Transition.”

Pritesh Vinay, Director (Finance) and CFO of JSW Energy, said, “We have a multipronged asset optimisation, performance improvement and capital structure optimisation plan over the next 12-24 months –which will drive significant value creation over the life of the assets. Moreover, the balance sheet headroom even after consummating this large acquisition will give us the leeway to continue to pursue our growth ambitions.”