JSW Neo Energy, a fully owned subsidiary of JSW Energy, has signed a definitive agreement to acquire O2 Power Pooling’s 4,696 MW renewable energy platform for approximately Rs 124.68 billion (~$1.46 billion), post adjustments for net current assets.

The acquisition includes O2 Power Midco Holdings and O2 Energy SG, subject to approval from the Competition Commission of India and other customary regulatory clearances. O2 Power’s renewable energy platform operates at a capacity of 4,696 MW, with 2,259 MW expected to be operational by June 2025. An additional 1,463 MW is under construction, and 974 MW is in the pipeline, scheduled for commissioning by June 2027. The platform has a blended average tariff of Rs 3.37 (~$0.039)/kWh and an average operational life of 23 years. The acquisition, which spans seven Indian states, will boost JSW Energy’s locked-in generation capacity by 23 per cent, raising it from 20,012 MW to 24,708 MW. O2 Power, founded by EQT Infrastructure and Temasek, has most of its capacity secured under long-term power purchase agreements. In addition, JSW Neo Energy has acquired three wind energy projects from Hetero Wind Power with a combined capacity of 125 MW for Rs 6.3 billion (~$74.93 million). The company also signed an energy storage agreement to supply 1,500 MW/12,000 MWh from pumped hydro storage projects and won a Solar Energy Corporation auction for 500 MW of standalone battery storage.