JSW Group has entered into an exclusive agreement to buy green energy producer Mytrah Energy India Pvt. Ltd in a deal worth about $2 billion in enterprise value.
Barclays Bank is managing the sale of Mytrah, which has one of the largest wind databases in the country and an operational portfolio of 2.3 gigawatts (GW). This includes 1.7GW of wind and around 535MW of solar power. It also has 700MW of projects under development.
Sajjan Jindal’s JSW Group has been active in India’s green energy deal space and participated in the sale process of private equity firm Actis Llp’s renewable energy platform in India Sprng Energy, which Shell Plc agreed to acquire for an enterprise value of $1.55 billion last month.
JSW Group and other investors are actively scouting for such assets as India transitions to clean energy to mitigate the effects of climate change, which many experts said is behind the scorching heatwave across India and Pakistan.
JSW Future Energy Ltd, a unit of JSW Energy Ltd, has ambitious plans to take advantage of India’s clean energy transition. It recently signed a pact with Fortescue Future Industries Pty Ltd on green hydrogen production in the country.
Of the 20GW capacity the company plans to reach by 2030, renewable energy is to contribute 85%. Around 2.25GW of renewable energy projects are currently under construction, with 1.26GW of wind power capacity expected to be commissioned within the next year. The group has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and achieving carbon neutrality by 2050.
