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MUMBAI: JSW Energy has acquired 12 more special purpose vehicles (SPVs) from Ravi Kailas of Mytrah Energy. It had initially planned to purchase 18 SPVs from Mytrah for Rs 10,531 crore. It has acquired the additional SPVs within the already agreed consideration, that is Rs 10,531 crore, the energy unit owned by business tycoon Sajjan Jindal said.
With this M&A, the largest in JSW Energy’s history, it has leapfrogged its power production capacity by over 36% to 6.5 gigawatts (GW) from 4.8 GW. The company has acquired the additional 12 SPVs as they hold rights to certain land parcels used by some of the 18 SPVs, JSW Energy said.
It has routed the purchase of the entire 30 SPVs, comprising a portfolio of 1.31GW of wind and 422 megawatts (MW) of solar, through its 100% arm JSW Neo. The Mytrah acquisition will also help JSW Energy reduce its carbon footprint even as it looks to increase the share of renewables to 61% by fiscal 2025. Mytrah was established by Ravi Kailas in the late 2000s.
With this M&A, the largest in JSW Energy’s history, it has leapfrogged its power production capacity by over 36% to 6.5 gigawatts (GW) from 4.8 GW. The company has acquired the additional 12 SPVs as they hold rights to certain land parcels used by some of the 18 SPVs, JSW Energy said.
It has routed the purchase of the entire 30 SPVs, comprising a portfolio of 1.31GW of wind and 422 megawatts (MW) of solar, through its 100% arm JSW Neo. The Mytrah acquisition will also help JSW Energy reduce its carbon footprint even as it looks to increase the share of renewables to 61% by fiscal 2025. Mytrah was established by Ravi Kailas in the late 2000s.
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