JSW Energy has finished the acquisition of 1,753 MW of renewable energy generation capacity in 30 Mytrah Energy special-purpose vehicles (SPVs). JSW Energy’s largest acquisition to date, valued at around Rs 101.5 billion. JSW Energy’s JSW Neo completed the acquisition in two stages, purchasing Mytrah Energy’s 15 SPVs and 13 ancillary SPVs for a total of 1,449 MW of installed RE capacity.
The aforementioned 28 Mytrah Energy subsidiaries have now become subsidiaries of JSW Neo and JSW Energy. JSW Neo infused optional convertible debentures with the right to convert into equity in the remaining two SPVs, which have 304 MW of renewable energy assets, and executed forward sale agreements with these SPVs.
Mytrah’s 1,753 MW portfolio includes 1,331 MW of wind capacity and 422 MW (487 MWp DC) of solar capacity located primarily in India’s south, west, and centre. The assets are covered by a long-term power purchase agreement with a remaining life of 17 years on average. JSW’s current operational capacity will be increased by more than 36 per cent, from 4,811 MW to 6,564 MW as a result of the acquisition of Mytrah assets.
In October 2022, the Competition Commission of India (CCI) approved JSW Neo Energy Limited’s acquisition of 18 subsidiaries of Mytrah Energy. JSW Neo Energy Limited intends to acquire a majority stake in the subsidiaries through individual share purchase agreements.