New Delhi Aug 11 :- Sajjan Jindal-led JSW Energy on Wednesday signed an agreement to acquire Mytrah Energy’s 1,753 MW renewable energy portfolio for an enterprise value of about Rs 10,530 crore. This is the largest acquisition by JSW Energy in a space where investment flows have been steadily rising over the last few months.
The deal is being executed through its wholly-owned subsidiary JSW Neo Energy, and will help the company achieve its renewable-led capacity growth target of 10 GW by FY25.
Mytrah Energy’s portfolio comprises 10 wind special purpose vehicles (SPVs) with a generation capacity of 1,331 MW and seven solar SPVs with a generation capacity of 422 MW, operating primarily in the southern, western and central parts of India. The assets have power purchase agreements and an average remaining life of 18 years, it said in a regulatory update.
The transaction, which is subject to Competition Commission of India and other customary approvals, is expected to be completed by November 15, 2022. The enterprise value of Rs 10,530 crore is after adjusting for net current assets, subject to net working capital and other adjustments.
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