Indian multinational conglomerate JSW Group has signed an agreement to buy renewable energy producer Mytrah Energy India in a deal expected to be worth $1.8 billion to $2 billion, according to Mercom sources.

Hyderabad-based Mytrah has over 1.8 GW of operational assets in the renewable energy sector. The assets are spread across 17 wind farms and 21 solar projects in nine states – Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Karnataka, Telangana, Andhra Pradesh, and Tamil Nadu.

It is learned that Barclays Bank will manage the deal.

The company is yet to officially confirm the deal.

JSW Group has been expanding its renewable energy base in the recent past. Last year, the company announced plans to double its power generation portfolio with renewable and hydropower-based generation sources contributing to 70% of its total capacity in the medium term.

The company had said that it aimed to reduce its carbon footprint by 50% by 2030 and achieve carbon neutrality by 2050.

A JSW Group company, JSW Neo Energy, was recently declared one of the winners in Solar Energy Corporation of India’s auction for the 1.2 GW interstate transmission system (ISTS)-connected wind power projects (Tranche-XII).

Last month, JSW Neo Energy entered into a memorandum of understanding (MoU) with the Telangana Government to develop the 1.5 GW Komoram Bheem Pumped Hydro Storage Project in Telangana.

JSW Neo Energy has been securing critical resources for pumped hydro storage projects in various resource-rich states with a capacity of 10 GW. With the signing of the MoU, the company has tied up resources for 5 GW pumped hydro storage projects with the governments of Maharashtra, Chhattisgarh, Telangana, and Rajasthan.

The year 2021 saw several major acquisitions, including the deal in which Adani Green Energy signed a share purchase agreement to acquire a 100% stake in SB Energy India from Soft Bank Group (80%) and Bharti Group (20%). The transaction marked the largest acquisition in the renewable energy sector in India.

Globally, 29 solar M&A transactions were recorded in Q1 2022 compared to 43 in Q4 2021. In a year-over-year comparison, there were 20 solar M&A transactions in Q1 2021, according to Mercom’s Q1 2022 Solar Funding and M&A Report.