JSW Energy completes ₹12,468 crore acquisition of O2 Power’s 4.7GW renewables platform

Mumbai

JSW Neo Energy, the clean energy subsidiary of JSW Energy Ltd, has concluded the acquisition of a 4.7GW renewable energy platform from O2 Power, a transaction valued at ₹12,468 crore on an enterprise basis. The move positions JSW among the leading players in India’s rapidly expanding renewables sector.

O2 Power, founded in 2020 as a joint venture between global investment groups EQT and Temasek, has developed a significant portfolio of utility-scale solar and wind projects across India. The deal is among the largest in India’s green energy space in recent years, reflecting growing consolidation in the sector as companies race to build scale ahead of the country’s 2030 decarbonisation targets.

The acquired portfolio includes 2,259MW of capacity expected to be operational by June 2025, with an estimated steady-state EBITDA contribution of ₹1,500 crore. JSW Energy plans to invest a further ₹13,500 crore to bring the full 4,696MW online by June 2027, at which point the asset base is projected to generate ₹3,750 crore in annual EBITDA.

Following the transaction, JSW Energy’s total installed capacity increases to 12,212MW on a pro forma basis, with renewable sources accounting for 6,554MW — approximately 54 per cent of its portfolio.

“O2 Power brings high-quality assets in resource-rich states, as well as a seasoned management team with a strong execution track record,” said Sharad Mahendra, Joint Managing Director and Chief Executive of JSW Energy. “This strategic acquisition significantly advances our 20GW capacity target, well ahead of our 2030 timeline.”

The transaction also brings with it grid connectivity for an additional 900MW, providing a platform for future expansion.

Pritesh Vinay, Director (Finance) and CFO, noted the deal’s value proposition. “This acquisition is compelling both in terms of quality and cost, especially when weighed against a ‘build versus buy’ framework. It strengthens our operations, adds to our project pipeline, and allows us to unlock synergies — including competitive financing to support the transaction.”

The acquisition underscores JSW Energy’s broader strategy of capital-efficient, value-accretive growth as it scales its renewables portfolio amid tightening global climate commitments.