JSW Energy Ltd. will acquire three captive renewable power assets totalling 125 megawatts from Hetero Group for Rs 630 crore, the company said in an exchange notification on Saturday. The acquisition is being conducted by JSW Neo Energy Ltd, a wholly owned subsidiary of JSW Energy.
The three assets include Hetero Wind Power Ltd., Hetero Wind Power (Pennar) Pvt. and Hetero Med Solutions Ltd. The cumulative revenue from operations of the three target companies in the last financial year stood at Rs 143.5 crore, up 14% year-on-year.
JSW Neo Energy will acquire 100% stake in Hetero Wind Power (Pennar) and Hetero Med Solutions. It will also acquire a 74% stake in Hetero Wind Power, where captive consumers will continue to hold 26% shares.
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, according to the filing.
"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," it said.
The transaction is subjected to approvals, including those from lenders, the company said.
On Friday, the company announced that two of its subsidiaries signed power purchase agreements with the Maharashtra State Electricity Distribution Co. for 1,200 megawatt solar-wind hybrid capacity. JSW Renew Energy Six Ltd. and JSW Renew Energy Thirty Ltd. signed the deals for two hybrid projects, each with a capacity of 600 MW, according to an exchange filing.
Earlier this month, JSW Energy PSP Two Ltd., a step-down subsidiary of JSW Energy, signed an energy storage facility agreement with the Maharashtra State Electricity Distribution Co. for the procurement of 1,500 MW worth of pumped hydro energy storage.
Shares of JSW Energy closed 0.04% higher at Rs 677.05 apiece on the BSE on Friday, compared to a 0.27% advance in the benchmark Sensex.
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