JSW Renewable Energy, a subsidiary of Indian power group JSW Energy Ltd (BOM:533148), has finalized the acquisition of a 45-megawatt wind project in Maharashtra from compatriot Reliance Power.
The Vashpet Wind Project, located at Jath in Maharashtra's Sangli district, was acquired for a total cash consideration of INR 1.32 billion (USD 15.8m/EUR 14.6m), adjusted for net working capital. The acquisition aligns with JSW Energy's strategy to achieve its renewable-led capacity growth target of 20 gigawatts by fiscal 2030, marking a significant step toward its goal of becoming carbon neutral by fiscal 2050.
“This acquisition strengthens our commitment to renewable energy and underscores our vision to drive sustainable growth,” said a spokesperson for JSW Energy. “The Vashpet Wind Project is a valuable addition to our portfolio and will contribute to our efforts in meeting the country's growing energy demands through clean and green energy sources.”
The transaction is subject to clearance from the Maharashtra Energy Development Agency, Reliance Power's lenders, and the project's power off-taker.
Following the acquisition, JSW Energy's total locked-in power generation capacity, including wind, thermal, and hydro, has increased to 12.5 gigawatts, with 7.2 gigawatts of operational capacity and 2.6 gigawatts of assets under construction.
