JSW Energy stated on Wednesday that its subsidiary JSW Neo Energy had reached an agreement to purchase some renewable energy capacity from Mytrah Energy (India) for roughly Rs. 10,531 crore. to purchase from Mytrah Energy a portfolio of 1,753 MW of renewable energy generation capacity, made up of 17 SPVs and 1 ancillary SPV.

Both parties have signed the agreements, and the transaction is still pending receipt of the required regulatory and other approvals. The company discloses the transaction value of Rs. 10,530 crore after accounting for net current assets.

The 18 subsidiaries of Mytrah Energy (India) Private Limited (MEIPL) that were mentioned would step down from the firm and become subsidiaries of JSW Neo Energy Limited (JSWNEL), according to the corporation.

The company wants to reach 10 GW of capacity by FY 2025 and 20 GW of capacity by FY 2030, with 85% of the capacity coming from renewable sources.

JSW Neo Energy Limited, a fully owned subsidiary of the Company, will purchase the renewable assets under the terms of this transaction. The purchase would assist the company in exceeding its 10-GW renewable-led capacity development objective by FY 2025.

Lenders and the Competition Commission of India (CCI) must both approve the deal. The deal is anticipated to close by November 15th, 2022, provided that the prerequisite conditions outlined in the SPA are met.

“The Mytrah Portfolio comprises of 10 Wind SPVs with 1,331 MW of generation capacity and 7 Solar SPVs with 422 MW (487 MWp DC) of generation capacity, mostly operating in the southern, western, and central regions of India. The assets have a long-term PPA with an average remaining life of about 18 years, according to JSW Energy.