JSW Group has signed an agreement to acquire renewable energy company Mytrah Energy India in a deal estimated to be worth $1.8 billion to $2 billion. Mytrah, a company based in Hyderabad, operates more than 1.8 GW of renewable energy assets. In nine states—Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Karnataka, Telangana, Andhra Pradesh, and Tamil Nadu—the assets are dispersed across 17 wind farms and 21 solar projects. Reportedly, the deal will be managed by Barclays Bank. The deal has not yet been officially confirmed by the company.
JSW Group has recently been growing its portfolio of renewable energy sources. The corporation announced plans to increase its portfolio of power generation sources in 2021, with the medium-term contribution of renewable and hydropower-based generation sources accounting for 70 per cent of the total capacity. The company has stated that it intends to attain carbon neutrality by 2050 and a 50 per cent reduction in its carbon footprint by 2030.
In April 2022, the JSW Group announced that it is expected to develop a 900 MW pumped storage hydel power project in West Bengal. The government of West Bengal agreed to construct a third pumped-storage power plant at the Bandhunala project in Purulia. It was also determined that the project would be developed through a public-private partnership format.