JSW Neo Energy completes acquisition of RE portfolio of Mytrah Energy

JSW Neo Energy Limited (JSW Neo), a wholly-owned subsidiary of JSW Energy Limited, has completed the acquisition of 1,753 MW of renewable energy assets from Mytrah Energy (India) Private Limited (MEIPL), in a two-step process.

Acquisition includes 15 special purpose vehicles (SPVs) and 13 ancillary SPVs having total installed renewable energy capacity of 1,449 MW . The 28 subsidiaries of MEIPL have now become subsidiaries of JSW Neo and accordingly step-down subsidiaries of JSW Energy. Additionally, the acquisition also includes the infusion of optionally convertible debentures with a right to convert into equity and has executed binding definitive forward sale agreements for the balance two SPVs having renewable energy assets of 304 MW. This is the largest acquisition made by JSW Energy since inception, and will leapfrog the current operational capacity by over 36 per cent from 4,811 MW to 6,564 MW. The transaction values the Mytrah Energy portfolio at an enterprise valuation of approximately Rs 101.50 billion.