JSW Neo Energy, a wholly owned subsidiary of JSW Energy, announced on Friday that it has acquired a renewable energy platform from O2 Power Pooling, joint ventures between EQT Infrastructure and Temasek. This start-up with renewable energy capacity is one of the largest in India and specializes in utility-scale projects across solar, wind, and hybrid energy technologies.
Headquartered in Gurgaon, India, to date, the company has secured a total capacity of 4.7 gigawatts since inception, with 2.3 gigawatts expected to be operational by June 2025.
The transaction entails acquiring O2 Power Midco Holdings Pte. Ltd and O2 Energy SG Pte. Ltd, pending approval from the Competition Commission of India and other standard regulatory clearances. The platform is valued at an enterprise valuation of approximately ?12,468 crore ($1.47 billion), adjusted for net current assets.
Parag Sharma, CEO of O2 Power, said, “This transaction marks an exciting new chapter for O2 Power. I want to thank our incredible team, especially the site teams, whose dedication has been critical to our success. We remain committed to providing our team with continuing opportunities for growth as we work to commission incremental capacity and expand our pipeline. We are deeply grateful to EQT and Temasek for their support in establishing O2 Power as a leader in India’s renewable energy sector. With the backing of JSW Neo Energy, we aim to build India’s most impactful renewable energy business, solidifying our position as a market leader while driving the nation’s renewable energy goals.”
The Company was built around robust governance structures, operational processes and scalable systems, alongside a diverse board with both global and local expertise. This laid the foundation for growth while upholding t