JSW Energy has completed the acquisition of 1,753 MW of renewable energy generation capacity held by Mytrah Energy in 30 special-purpose vehicles (SPVs). The transaction, at an enterprise valuation of around INR 10,150 crore, is JSW Energy’s largest acquisition yet.
JSW Energy arm JSW Neo completed the acquisition in a two-step process with the acquisition of Mytrah Energy’s 15 SPVs and 13 ancillary SPVs having a total installed RE capacity of 1,449 MW.
“The said 28 subsidiaries of Mytrah Energy have now become subsidiaries of JSW Neo and accordingly step-down subsidiaries of JSW Energy,” stated JSW Energy.
JSW Neo infused optionally convertible debentures (OCDs) with a right to convert into equity in the balance two SPVs having renewable energy assets of 304 MW and executed forward sale agreements for these SPVs.
Mytrah’s 1,753 MW portfolio comprises 1,331 MW of wind capacity and 422 MW (487 MWp DC) of solar capacity operating primarily in the southern, western, and central parts of India. The assets benefit from a long-term power purchase agreement with an average remaining life of 17 years.
The acquisition of Mytrah assets will leapfrog JSW’s current operational capacity by over 36% from 4,811 MW to 6,564 MW. Moreover, with about 2.9 GW of under-construction projects which are likely to be commissioned in phases over the next 12-18 months, JSW Energy is well ahead of its target to reach 10 GW operating company by FY2025 with the share of renewables increasing to 61%, stated JSW Energy.
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