JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, has agreed to acquire a portfolio of 1,753 MW of renewable energy generation capacity, comprising of 17 special purpose vehichles (SPVs) and and one ancillary SPV, from Mytrah Energy (India) Private Limited for Rs 105.31 billion.
The Mytrah portfolio consists of 10 wind SPVs with a generation capacity of 1,331 MW and seven solar SPVs with a generation capacity of 422 MW (487 MWp DC), operating primarily in the southern, western and central parts of India. The assets have a proven operational track record and long-term power purchase agreement (PPA) with an average remaining life of 18 years. The transaction is subject to the approval of the Competition Commission of India (CCI) and other customary approvals standard to a transaction of this size. The acquisition will help the company in achieving its renewable-led capacity growth target of 10 GW by 2024-25, well ahead of time.