Khaitan, Herbert Smith Freehills, A&O Shearman act on JSW Neo Energy's $1.5 billion acquisition of O2 Power

JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has acquired O2 Power from EQT Infrastructure IV and Temasek Holdings for $1.5 billion.

Khaitan & Co advised JSW Neo Energy on this acquisition.

The core team consisted of Haigreve Khaitan (Partner), Siddharth Shah (Partner), Akhil Bhatnagar (Partner), Purti Minawala (Partner), Vivek Mimani (Partner), Aman Anand (Principal Associate), Bhagirath Ashiya (Principal Associate), Palak Mohta (Associate) and Shefali Prasad (Associate) with assistance from the following:

Regulatory aspects: Moin Ladha (Partner);

Due diligence: Akhil Bhatnagar (Partner), Divya Chaturvedi (Partner), Bhagirath Ashiya (Principal Associate), Niyati Bhatt (Principal Associate), Srishti Rai (Principal Associate), Palak Mohta (Associate), Rahul Pai (Associate) and Ritika Neogi (Associate);

Real Estate aspects : Sudheer Madamaiah (Partner), Hareesha K S (Senior Associate), Chinnamma K C (Associate) and Harish Kugunavar (Associate);

Competition law aspects: Anisha Chand (Partner), Anshuman Sakle (Partner), Soham Banerjee (Principal Associate) and Tanveer Verma (Principal Associate).

Herbert Smith Freehills advised JSW Neo Energy on the English Law aspects of the acquisition deal.

The transaction team was led by Siddhartha Shukla (Partner, London), and Lucy Curran (Partner, Singapore).

They were supported by Victor Chiew (Partner), Raj Mathew (Senior Associate) and Kenji Lee (Associate).

A&O Shearman advised sellers EQT Infrastructure IV and Temasek Holdings on this acquisition deal.

The acquisition of O2 Power's portfolio will significantly boost JSW Energy's renewable energy capacity, propelling it towards its ambitious goal of achieving 20 GW of renewable-led capacity by fiscal 2030. O2 Power's assets, distributed across seven Indian states, offer an average tariff of Rs 3.37 per kWh and an operational life of approximately 23 years, adding significant long-term value to JSW Energy's renewable energy portfolio. The acquisition is expected to be completed upon receipt of necessary regulatory approvals.  

JSW Energy is an Indian power company engaged in power generation, transmission, and trading. It is a subsidiary of the JSW Group, a diversified conglomerate with interests in steel, energy, infrastructure, cement, paints, sports, and venture capital. JSW Energy has a portfolio of thermal, hydro, and wind power plants across India, with a focus on renewable energy expansion. The company is committed to sustainable growth and aims to achieve 20 GW of renewable-led capacity by fiscal 2030.

O2 Power, backed by Singapore's Temasek and EQT Infrastructure, boasts a substantial renewable energy capacity of 4.7 GW, comprising 2,259 MW of operational assets, 1,463 MW under construction, and 974 MW in the pipeline

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