JSW Energy Unit To Buy $1.3 Billion Renewable Assets From Mytrah Energy

Wednesday August 10, 2022.

Reuters | BENGALURU

Last Updated at August 10, 2022 10:43 IST

JSW Energy

BENGALURU (Reuters) - India's JSW Energy said on Wednesday that its unit JSW Neo Energy has agreed to buy some renewable energy capacity from Mytrah Energy (India) for about 105.30 billion rupees ($1.32 billion).

The energy unit will buy a portfolio of solar and wind power assets with a capacity of 1,753 megawatts, boosting parent JSW Energy's operational generation capacity by over 35% to 6,537 MW, according to an official statement.

The deal, which is JSW Energy's largest acquisition since inception, consists of assets across south, west and central India.

JSW Energy's total platform capacity will increase to 9.1 gigawatts (GW) after the deal, keeping it ahead of its timeline to achieve renewable-led capacity growth target of 10 GW by FY25, the company said in a statement.

JSW Energy's shares were up 2.5% in early trades.

($1 = 79.5630 Indian rupees)

(Reporting by Tanvi Mehta and Navamya Ganesh Acharya in Bengaluru; editing by Neha Arora)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, August 10 2022. 10:43 IST

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