JSW Neo expects a strong start in the O2 Power tournament, with Macquarie also in the fray.

JSW Neo Energy, a subsidiary of JSW Energy, is the lead bidder to acquire O2 Power, a renewable energy platform held by EQT Partners and Temasek Holdings. Other contenders include Macquarie Group and Stonepeak Capital. The sale is said to be valued between $600-700 million, excluding debt, with potential buyers falling short of sellers’ expectations of $800-1 billion. O2 Power has a renewable energy portfolio of 3.77 GW, with a project pipeline of 1.05 GW for the next two years and a target capacity of 4 GW by FY26. JSW Neo aims to reach 20 GW of renewable energy capacity by 2030 and currently has 7.7 GW of green energy projects under construction. O2 Power’s debt stands at $800-900 million, with offers in the range of $1.35-1.5 billion, inclusive of debt. The deal is a significant one in India’s renewable energy sector, considering the growth prospects of India’s clean energy space and the interests of EQT and Temasek to expand their presence in India.