JSW Neo Energy to Acquire 3 SPVs with 125 MW Cumulative Wind Capacity from Hetero Group
JSW Neo Energy Ltd. has signed agreements to acquire three special purpose vehicles holding 125 MW of wind energy capacity from Hetero Group for INR 630 crore, advancing its goal of reaching 10 GW capacity by FY 2025.
October 21, 2024. By Mrinmoy Dey
“The transaction envisages a long stop date of 90 days and is subject to fulfilment of conditions precedent as set out in the definitive agreements. The transaction is for an Enterprise Value of INR 630 crore, subject to net working capital adjustments and other adjustments at the time of closing,” informed JSW Energy in a regulatory filing.
As per the filing, JSW Neo Energy will acquire 100 percent shares of Hetero Wind Power (Pennar) Pvt. Ltd. and Hetero Med Solutions Ltd. Further, the company will acquire about 74 percent shares of Hetero Wind Power Ltd. where captive consumers will continue to hold about 26 percent shares.
JSW Energy has set a target to reach 10 GW capacity by FY 2025 and 20 GW capacity before 2030. “This acquisition would help the company in achieving its targeted growth of 10 GW by FY 2025,” noted the filing.
It further added that the renewable energy projects of the three SPVs are operating primarily in the states of Andhra Pradesh and Maharashtra and all the projects have long-term power purchase agreements.
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