JSW Neo to acquire Mytrahs 1753 MW of renewable energy generation capacity

13 Aug 2022 , 01:34 AM

JSW Neo Energy JSW Neo a wholly owned subsidiary of JSW Energy has agreed to acquire a portfolio of 1753 MW of Renewable Energy generation capacity from Mytrah Energy India comprising of 17 SPVs and 1 Ancillary SPV Necessary definitive agreements have been signed between the parties The transaction is subject to approval of the Competition Commission of India CCI and other customary approvals standard to a transaction of this size The transaction values the Mytrah Energy portfolio at an Enterprise Valuation of approximately Rs10530 crore after adjusting for net current assets The Mytrah Portfolio consists of 10 Wind SPVs with a generation capacity of 1331 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 This is the largest acquisition made by JSW Energy since inception and will leapfrog the current operational generation capacity by over 35Percentage – from 4784 MW to 6537 MW Moreover with about 2500 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 ~ 91 GW where the share of renewables increases to ~ 65Percentage 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