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    India's JSW Energy to buy 1.75 GW of wind, solar from Mytrah


    August 11, 2022 - SeeNews Renewables

     

      August 11 (Renewables Now) - Indian power company JSW Energy Ltd (BOM:533148), through wholly-owned subsidiary, is set to acquire a portfolio of 1,753 MW of wind and solar capacity from independent power producer Mytrah Energy (India) Private Limited, it said on Wednesday.

      JSW Neo Energy signed an agreement to take over 17 special purpose vehicles (SPVs) and one ancillary SPV in a deal that values Mytrah Energy’s portfolio at an enterprise value of around INR 105.3 billion (USD 1.32bn/EUR 1.28bn).

      In the portfolio are ten SPVs holding 1,331 MW of wind power, and seven SPVs with 422 MW/487 MWp of solar generation, operating primarily in the southern, western and central parts of India, JSW Energy said.

      The plants are backed by long-term power purchase agreements (PPAs) with an average remaining life of around 18 years.

      The acquisition, the largest ever for JSW Energy, requires the green light from India’s competition authority and is subject to other customary approvals.

      Once the deal is finalised, JSW Energy’s operational portfolio will get a boost to 6,537 MW from today’s 4,784 MW. To this, the company will add around 2,500 MW of wind and hydro power capacity that is currently under construction. These projects will likely be commissioned in phases over the next 18 to 24 months.

      “We are excited to acquire Mytrah’s 1.75 GW of renewable energy portfolio which is value accretive to our shareholders on day one,” commented Prashant Jain, joint managing director and CEO of JSW Energy.

      “This landmark deal demonstrates our strong commitment to achieve our vision of achieving 10 GW capacity by 2025 and being a leading player in India’s Energy Transition. This acquisition further strengthens and diversifies our operating footprint across various key resource rich states,” Jain added.

      (INR 100 = USD 1.258/EUR 1.216)

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