JSW Energy Unit To Acquire Wind Power Project From Reliance Power For $16 Mln

JSW Energy Ltd.’s step-down subsidiary agreed to acquire a 45-megawatt (MW) wind power project from Reliance Power Ltd. for 132 crore rupees ($16 million) in cash.

The business transfer agreement to acquire the wind power project located in Sangli district of Maharashtra state was signed between Reliance Power and JSW Renewable Energy (Coated) Ltd., a wholly owned subsidiary of JSW Neo Energy Ltd., the Indian power producer said in a stock exchange announcement.

The transaction will help JSW Energy in achieving its renewable-led capacity growth target of 20 gigawatts (GW) before FY30, it added.

The transaction, expected to conclude in 60 days, is subject to necessary regulatory and other customary approvals.

JSW Energy said it has total locked-in power generation capacity of 12.5-GW. This comprises a 7.2-GW operational capacity, a 2.6-GW under-construction capacity across wind, thermal and hydro as well as letter of award/letter of intents for a 2.7-GW capacity from Solar Energy Corporation of India, SJVN Ltd. and Gujarat Urja Vikas Nigam Ltd.

In addition, the Mumbai-based company has 3.4 gigawatt hours (GWh) of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project, according to the statement.

JSW Energy, which aims to reach 20-GW generation capacity and 40-GWh of energy storage capacity before 2030, has set an ambitious target of achieving carbon neutrality by 2050, it said.

Note: $1 = 83.4662 Indian rupees

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