JSW Neo Energy Ltd to acquire 3 SPVs

JSW Neo Energy Limited ("JSWNEL"), a wholly-owned subsidiary of the Company, has executed definitive agreements on 18th October, 2024, to acquire 3 special purpose vehicles ("3 SPVs") collectively holding a portfolio of 125 MW of Wind Energy generation capacity from Hetero Labs Limited and Hetero Drugs Limited ("Hetero Group").

The transaction is subject to receipt of the necessary customary approvals. Upon consummation of the transaction, the 3 SPVs will become subsidiaries of JSWNEL and stepdown subsidiaries of the Company.

The Company 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.

The 3 SPVs under this transaction will be acquired by JSW Neo Energy Limited, a wholly owned subsidiary of the Company.

The transaction is for an Enterprise Value of INR 630 crores, subject to net working capital adjustments and other adjustments at the time of closing.

Total portfolio consists of 3 SPVs with a combined capacity of 125 MW, all incorporated in India under the Companies Act, 1956 / 2013. The renewable energy projects are operating primarily in the states of Andhra Pradesh and Maharashtra and all the projects have long term power purchase agreements.

Shares of JSW Energy Limited was last trading in BSE at Rs. 677.05 as compared to the previous close of Rs. 676.80. The total number of shares traded during the day was 99483 in over 4808 trades.

The stock hit an intraday high of Rs. 680.45 and intraday low of 666.00. The net turnover during the day was Rs. 66980004.00.

Source : Equity Bulls

Keywords

JSWEnergy INE121E01018 JSWNeoEnergy SPV 125MW WindEnergy