Sajjan Jindal, Managing Director of JSW Steel, speaks during a press conference in Mumbai
Credit: Reuters File photo
Indian billionaire Sajjan Jindal-led JSW Energy said on Friday its JSW Neo Energy unit will acquire renewable energy platform O2 Power's subsidiaries in a deal worth $1.47 billion.
The acquisition aligns with JSW Energy's target of achieving 20 GW renewable-led capacity before fiscal 2030 amid a strong government push for higher clean energy capacity.
JSW Energy will acquire a renewable portfolio of 4.7 GW from O2 Power, which is backed by Singapore state-owned Temasek and EQT Infrastructure.
EQT will exit O2 Power following the deal, the Sweden-based private equity firm said in a filing.
About 2.26 GW of capacity will be operational by June 2025, with the remainder scheduled to be commissioned by June 2027.
The proposed acquisition is expected to be completed on or before May 26, 2025, according to an exchange filing.
The JSW Group company's renewable energy segment is its second-biggest revenue generator, as per JSW Energy's September quarter earnings report.
The Indian government is ramping up investments in the renewable energy sector as it pushes to meet its 2030 clean energy target after falling short of its much-publicized 2022 renewables goal.