JSW Neo Energy Limited, a subsidiary of JSW Energy Ltd, has entered into a formal agreement to buy O2 Power, a renewable energy platform jointly founded by Sweden’s EQT Partners and Singapore’s Temasek Holdings. The platform is valued at an enterprise valuation of 12.468 billion rupees ($1.47 billion) after adjustments for net current assets.

JSW Energy has made its largest acquisition to date, it announced in a media release.

According to JSW Energy, the platform, with a capacity of 2.25 gigawatts (GW), is expected to be operational by June 2025. A JSW Energy filing indicated an additional capital expenditure of 13-14 billion rupees, which will increase the platform total. capacity to 4.6 GW in the coming years

In a stock market filing, JSW Energy said: “O2 Power is a renewable energy platform with a capacity of 4,696 MW, of which 2,259 MW will be operational by June 2025, 1,463 MW are under construction and an additional 974 MW are to the market.pipeline, all scheduled for commissioning in June 2027. The platform has an average combined tariff of Rs. 3.37/KWh with a useful life of 23 years.The capacities are spread across seven resource-rich states in India.This acquisition will increase the company’s generation capacity by 23%, from 20,012 MW to 24,708 MW.

The acquisition will involve obtaining O2 Power Midco Holdings Pte. Ltd. and O2 Energy SG Pte. Ltd, pending approval from the Competition Commission of India (CCI) and other standard regulatory approvals for a transaction of this magnitude, JSW Energy said.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said: “We are delighted to announce the acquisition of O2 Power’s 4.7GW renewable energy platform, which is JSW’s largest ever acquisition Energy since its inception.This landmark acquisition strengthens our position as a leading player in the Indian energy sector.These high-quality assets strengthen our operational footprint in key resource-rich states It is a great pleasure to welcome the experienced management team and employees of O2 power to the JSW Energy family. By combining our strengths, I am confident that we will deliver exceptional value to our stakeholders.”