JSW Energy, one of India’s leading power producers, has announced the successful acquisition of a 4.7 GW renewable energy portfolio from O2 Power, marking its largest deal to date. The transaction, valued at ₹12,468 crore, has been completed through its subsidiary, JSW Neo Energy, and significantly boosts the company’s clean energy footprint.
JSW Energy’s Installed Capacity Rises to 12.2 GW
With the acquisition, JSW Energy’s total installed capacity has reached 12.2 GW, of which 54% is from renewable sources. This milestone is a major leap toward the company’s strategic goal of achieving 20 GW of power generation capacity by 2030, well ahead of schedule.
“We are pleased to announce the completion of JSW Energy’s largest acquisition to date. The O2 Power platform brings high-quality renewable assets across resource-rich states, along with a skilled management team with a proven execution track record,” said Sharad Mahendra, Joint Managing Director and CEO of JSW Energy.
Key Highlights of the O2 Power Acquisition
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Total platform capacity: 4,696 MW
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Installed capacity (FY 2025): 1,343 MW
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Utility-scale renewable projects: 4,100 MW
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Commercial & Industrial (C&I) capacity: 596 MW
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Power Purchase Agreements (PPAs): 3,722 MW secured
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Pending PPAs (with Letters of Intent/Awards): 974 MW
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Geographic spread: Projects across 7 resource-rich Indian states
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Energy mix:
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1.8 GW Solar
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0.5 GW Wind
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1.6 GW Hybrid
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0.9 GW FDRE/RTC solutions
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Average tariff: ₹3.37 per KWh
Financial Impact and Future Outlook
According to JSW Energy, the acquisition is set to generate an estimated ₹1,500 crore in EBITDA from 2,259 MW capacity likely to be operational by June 2025. The company also outlined plans to invest ₹13,500 crore in capital expenditure to bring the full 4,696 MW capacity online by June 2027, targeting a steady-state annual EBITDA of ₹3,750 crore.
The added 900 MW connectivity capacity from O2 Power is expected to further support future growth and integration of renewable projects.
Backed by Global Investors
O2 Power was formed in 2020 through a partnership between global investment giants EQT (Europe) and Temasek (Singapore). The acquisition not only strengthens JSW Energy’s renewable portfolio but also adds strategic value through the inclusion of high-credit off-takers and diversified energy solutions.
A Strategic Move Toward a Greener Future
This bold move reinforces JSW Energy’s commitment to renewable energy transformation and aligns with India’s vision of a sustainable energy future. With an increasing share of clean energy in its portfolio, JSW Energy is well-positioned to lead the nation’s green energy transition.
