JSW Neo Energy Ltd., the green energy arm of JSW Energy, has completed its largest ever acquisition by acquiring O2 Power Pooling Pte Ltd’s 4,696 MW renewable energy platform. The all-equity deal of Rs 12,468 crore sizably increases JSW’s renewable portfolio and positions it strongly on the path to achieve its target of 20 GW capacity much before the year 2030.
The transaction involves utility-scale and commercial & industrial (C&I) renewable properties, adding green energy to the pool for JSW Energy in solar, wind, hybrid, and cutting-edge solutions.
Diversified clean energy assets spread across seven states
The acquired O2 Power platform, established by global investment giants EQT and Temasek, consists of 4,100 MW of utility-scale and 596 MW of C&I renewable energy projects. Strategically distributed across seven Indian states, with the majority concentrated in western India, a high solar irradiance and well-connected grid region, these assets are optimally located.
Out of the 4.7 GW total capacity, about 3,722 MW is already dedicated in power purchase agreements (PPAs) to creditworthy off-takers. Another 974 MW is in line to sign PPAs.
Green energy portfolio now contributes over half of total capacity
With this acquisition, the total installed capacity of JSW Energy increases to 12,212 MW of which 6,554 MW, or approximately 54 per cent, is renewable power. The O2 platform adds a diversified bouquet of 1.8 GW solar, 0.5 GW wind, 1.6 GW hybrid, and 0.9 GW complex energy solutions to the JSW group.
O2 Power’s 1,343 MW of operational capacity is coming in right away, with another 2,259 MW coming in June 2025. JSW is hoping to receive Rs 1,500 crore of steady-state Ebitda contribution from the new capacity.
Capex of Rs 13,500 crore to unlock full potential by FY27
To commission the whole portfolio of 4,696 MW, JSW Energy will invest Rs 13,500 crore by June 2027. The deal also provides connectivity access for an additional 900 MW, enabling additional capacity addition in the future.
Even as the strategic jump, JSW Energy shares fell 1.62 per cent to Rs 482.3 each on the NSE. The stock has fallen more than 21 per cent in the last one year and almost 25 per cent in 2025 YTD, while nine out of 16 analysts covering the company continue to have a ‘buy’ rating.
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