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- Major acquisition for clean energy: JSW Energy’s $1.47 billion deal with O2 Power aligns with its goal of achieving 20 GW renewable capacity by 2030.
- Expanding renewable footprint: The 4.7 GW portfolio includes 2.26 GW operational by June 2025, with the remainder by June 2027.
- Government-backed growth: The deal supports India’s clean energy push amid its ramp-up to meet 2030 renewable energy targets.
JSW Energy, led by billionaire Sajjan Jindal, has announced a $1.47 billion acquisition through its JSW Neo Energy unit to buy renewable energy platform O2 Power’s subsidiaries. This significant deal brings JSW closer to its target of achieving 20 GW renewable capacity by fiscal 2030.
The acquisition includes a 4.7 GW renewable portfolio from O2 Power, which is backed by Singapore’s state-owned Temasek and Sweden-based EQT Infrastructure. Following the transaction, EQT will fully exit O2 Power.
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Renewable Energy Expansion:
According to an exchange filing, 2.26 GW of the portfolio is expected to be operational by June 2025, with the remaining capacity coming online by June 2027. The acquisition is slated for completion by May 26, 2025.
“The renewable energy segment is our second-biggest revenue generator,” JSW Energy noted in its September quarter earnings report, underscoring the strategic importance of this acquisition.
Clean Energy Push:
India is accelerating renewable energy investments to meet its 2030 clean energy target, following challenges in achieving its 2022 goal. This acquisition positions JSW Energy as a key player in India’s clean energy transformation, driven by government initiatives and market demand.
The move reflects the growing momentum in India’s renewable energy sector as companies and investors align with the global energy transition.
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