Neo Energy, a subsidiary of JSW, has announced a deal to acquire O2 Power for an enterprise value of $1.47 billion.

JSW Neo Energy, a subsidiary of JSW Energy Ltd, is acquiring O2 Power, a 4.7 GW renewable energy platform, for an enterprise value of $1.47 billion. O2 Power is owned by European alternative asset manager EQT and Singapore’s Temasek, who will exit the company. The acquisition is subject to approval from the Competition Commission of India and other customary approvals. The deal is expected to increase JSW Neo Energy’s locked-in generation capacity by 23% to 24,708 MW. O2 Power has a capacity of 4,696 MW, with 2,259 MW operational, 1,463 MW under construction, and 974 MW in the pipeline. The acquisition is expected to be value-accretive to JSW Energy’s shareholders, with a mid-teen equity IRR. The deal also marks a significant milestone for JSW Energy, which has a vision to commission a total power generation capacity of 20 GW by 2030. The acquisition is expected to strengthen JSW’s position in India’s energy sector and strengthen its operational footprint across key resource-rich states.