JSW Neo Energy, a subsidiary of JSW Energy, will acquire 1753 MW of renewable energy generation capacity from Mytrah Energy for Rs 10,530 crore.

“Necessary definitive agreements have been signed between the parties. The transaction is subject to the approval of the Competition Commission of India (CCI) and other customary approvals standard to a transaction of this size,” the company said in a regulatory filing.

With this acquisition, JSW Energy’s current operational generation capacity will go up by over 35 per cent from 4,784 MW to 6,537 MW. Currently about 2,500 MW of under-construction wind and hydro projects which are likely to be commissioned in phases over the next 18-24 months, JSW Energy platform capacity gets enhanced to 9.1 GW – where the share of renewables increases to 65 per cent, JSW said in a stock exchange filing. Further, this is likely to help the company in achieving its renewable-led capacity growth target of 10 GW by FY25, well ahead of timelines, the firm added.

JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, has agreed to acquire a portfolio of 1,753 MW of renewable energy generation capacity -- comprising 17 SPVs and one Ancillary SPV -- from Mytrah Energy (India) Private Limited, the statement added.

The transaction values the Mytrah Energy portfolio at an enterprise valuation of approximately Rs 10,530 crore after adjusting for net current assets, as per the statement.

The Mytrah portfolio consists of 10 wind SPVs with a capacity of 1,331 MW and 7 solar SPVs with a generation capacity of 422 MW (487 MWp DC).