India’s JSW Power to purchase 1.75 GW of wind, photo voltaic from Mytrah

August 11 (Renewables Now) – Indian energy firm JSW Power Ltd (BOM:533148), via wholly-owned subsidiary, is about to accumulate a portfolio of 1,753 MW of wind and photo voltaic capability from unbiased energy producer Mytrah Power (India) Non-public Restricted, it mentioned on Wednesday.

JSW Neo Power signed an settlement to take over 17 particular function autos (SPVs) and one ancillary SPV in a deal that values Mytrah Power’s portfolio at an enterprise worth of round INR 105.3 billion (USD 1.32bn/EUR 1.28bn).

Within the portfolio are ten SPVs holding 1,331 MW of wind energy, and 7 SPVs with 422 MW/487 MWp of photo voltaic technology, working primarily within the southern, western and central elements of India, JSW Power mentioned.

The crops are backed by long-term energy buy agreements (PPAs) with a mean remaining lifetime of round 18 years.

The acquisition, the biggest ever for JSW Power, requires the inexperienced gentle from India’s competitors authority and is topic to different customary approvals.

As soon as the deal is finalised, JSW Power’s operational portfolio will get a lift to six,537 MW from right now’s 4,784 MW. To this, the corporate will add round 2,500 MW of wind and hydro energy capability that’s presently below development. These initiatives will seemingly be commissioned in phases over the following 18 to 24 months.

“We’re excited to accumulate Mytrah’s 1.75 GW of renewable power portfolio which is worth accretive to our shareholders on day one,” commented Prashant Jain, joint managing director and CEO of JSW Power.

“This landmark deal demonstrates our sturdy dedication to realize our imaginative and prescient of attaining 10 GW capability by 2025 and being a number one participant in India’s Power Transition. This acquisition additional strengthens and diversifies our working footprint throughout numerous key useful resource wealthy states,” Jain added.

(INR 100 = USD 1.258/EUR 1.216)

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