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, subject to regulatory approvals from the Competition Commission of India and other customary 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/kWh and an operational life of 23 years.
The acquisition spans seven Indian states and will increase JSW Energy’s locked-in generation capacity by 23%, from 20,012 MW to 24,708 MW. In addition to this, 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. The company has 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.
