The acquisition of O2 Power Midco Holdings Private Limited and O2 Energy SG Private Limited will increase JSW Energy’s generation capacity by 23 percent, from 20,012 MW to 24,708 MW.

Jan 2, 2025

In its largest acquisition till date, JSW Energy, part of JSW Group and leading power generation & renewable energy company, has acquired O2 Power, a 4.7GW renewable energy platform, for INR 12,468 crore.

The acquisition of O2 Power Midco Holdings Private Limited and O2 Energy SG Private Limited would increase JSW Energy’s generation capacity by 23 percent, from 20,012 MW to 24,708 MW.

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The company said in a statement that the definitive agreement was subject to the approval of the Competition Commission of India (CCI) and other customary regulatory approvals. The acquisition would help JSW Energy to achieve its renewable-led capacity growth target of 20 GW before fiscal 2030, it added.

O2 Power’s renewable energy platform has a total capacity of 4,696 MW, with 2,259 MW set to be operational by June 2025, 1,463 MW currently under construction, and an additional 974 MW in the pipeline, scheduled for commissioning by June 2027. The platform was operating at a blended average tariff of INR 3.37 per kilowatt (KWh), with a remaining life of 23 years. The capacities were spread across seven resource-rich states in India.

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As per Mr. Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, the landmark acquisition would strengthen JSW Energy’s positioning as a leading player in India’s energy sector. He said high-quality assets such as O2 Power not only strengthened the operational footprint of the company across key resource-rich states, but also helped to deliver exceptional value to its stakeholders.