EQT and Temasek sold their Indian renewables joint venture O2 Power to local player JSW Energy for $1.5 billion.

JSW Neo Energy, a subsidiary of JSW Energy, has announced a definitive agreement to acquire a 4,696MW renewable energy platform from O2 Power Pooling, a joint venture between EQT Infrastructure and Temasek.

Building new plants involves a gestation period. There are inordinate delays in land acquisition, regulatory clearances, arranging for power evacuation etc. O2 Power has everything in place and has already tied up for offtake of power.

The entities to be acquired by JSW Energy have a consolidated operation and under development renewable energy portfolio of 4.7 GW in India.

Indian billionaire Sajjan Jindal-led JSW Energy said on Friday its JSW Neo Energy unit will acquire renewable energy platform O2 Power's subsidiaries in a deal worth $1.47 billion. The acquisition aligns with JSW Energy's target of achieving 20 GW renewable-led capacity before fiscal 2030 amid a strong government push for higher clean energy capacity.

JSW Energy shares surged 8% following its $1.47 billion deal to acquire O2 Power’s 4,696 MW renewable energy platform, boosting its capacity and positioning in India’s renewable energy sector.

JSW Energy acquired O2 Power, a renewable energy platform, for ₹12,468 Crore, making it the company’s largest acquisition to date. The acquisition will increase JSW Energy’s generation capacity by 23%, from 20,012 megawatts (MW) to 24,708 MW.

India’s renewable energy sector is advancing rapidly, with a major development involving JSW Energy acquiring O2 Power, a leading renewable energy company. JSW Limited finalized this deal for approximately ₹12,

JSW Energy will acquire the green energy business of O2 Power for Rs 12,468 crore in an all-cash deal, enhancing its portfolio with 4.7 GW of renewable projects. The acquisition coincides with JSW's mission to achieve 20 GW generation capacity by 2030 and is expected to complete by May 26.