JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, has entered into a definitive agreement to acquire a 4,696 MW renewable energy platform from O2 Power Pooling. After adjustments for net current assets, the platform’s enterprise valuation is approximately ₹124.68 billion (~$1.46 billion).

The acquisition includes O2 Power Midco Holdings and O2 Energy SG. The transaction is subject to approval by the Competition Commission of India and other customary regulatory clearances typical for transactions of this scale.

O2 Power operates a renewable energy platform with a capacity of 4,696 MW, of which 2,259 MW is expected to be operational by June 2025. An additional 1,463 MW is under construction, and 974 MW is in the pipeline, scheduled for commissioning by June 2027. The platform offers a blended average tariff of ₹3.37 (~$0.039)/kWh and an average operational life of approximately 23 years.

Spread across seven Indian states, the acquisition will enhance JSW Energy’s locked-in generation capacity by 23%, increasing from 20,012 MW to 24,708 MW.

EQT Infrastructure and Temasek jointly established O2 Power Pooling, which has most of its capacity secured under long-term power purchase agreements. Its Commercial and Industrial (C&I) capacity of 596 MW brings JSW Energy’s total C&I capacity to 3,694 MW, including 2,653 MW dedicated to the JSW Group.

JSW Neo Energy recently decided to acquire three wind energy projects of Hetero Wind Power with a cumulative capacity of 125 MW for an enterprise value of ₹6.3 billion (~$74.93 million). The company executed definitive agreements with the Hetero Group to acquire its three wind power special purpose vehicles – Hetero Wind Power, Hetero Wind Power (Pennar), and Hetero Med Solutions.

JSW Energy PSP Two, a subsidiary of JSW Energy, signed an energy storage facility agreement with MSEDCL to supply 1,500 MW/12,000 MWh of power from pumped hydro storage projects.

In September, JSW Neo Energy was one of the winners in Solar Energy Corporation of India’s auction to set up 1,000 MW/2,000 MWh standalone battery energy storage systems. JSW Neo quoted a tariff of ₹381,000 (~$4542)/MW per month for a capacity of 500 MW/1000 MWh.