International

JSW Energy to win Mytrah Energy's 1.7GW renewable energy portfolio

Seetao 2022-08-13 15:47
  • The deal will increase the company's operating generation capacity from 4.7GW to 6.5GW, an increase of more than 35%
  • The 10 wind SPVs in the portfolio have a combined capacity of over 1.3GW, while the remaining solar SPVs have a combined capacity of 422MW
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JSW NeoEnergy, a subsidiary of Indian energy company JSW Energy, has agreed to buy a renewable energy portfolio from Mytrah Energy for $1.3 billion. The portfolio has more than 1.7GW of capacity and covers 17 special purpose vehicles (SPVs) and one auxiliary SPV. These SPVs are mainly located in South, West and Central India. About 2.5GW of wind and hydro capacity is under construction and is expected to come online in the next 18-24 months.

JSWEnergy said in its regulatory filing that the parties have signed the necessary definitive agreements. The transaction is subject to approval by the Competition Commission of India and other customary approval criteria for transactions of this size.

Prashant Jain, joint managing director and CEO of JSW Energy, said this acquisition further strengthens and diversifies our operational footprint in various key resource-rich states. We also believe that by leveraging our strong industry, operational and financing expertise, we will be able to significantly improve the operating performance of our entire portfolio, ultimately creating significant value for our shareholders. Keywords: engineering news, engineering construction

In April 2022, it was reported that JSW Group plans to build a 900MW pumped-storage hydropower project in the Indian state of West Bengal. The West Bengal government has decided to develop the project under a public-private partnership (PPP) model. It also plans to build a third pumped-storage power station at the Bandhunala project in Prulia.Editor/XingWentao