JSW Energy to Acquire Assets from Hetero Group worth Rs 630 Crore

JSW Energy Ltd. has announced that it will acquire three renewable energy assets totaling 125 megawatts from the Hetero Group for Rs 630 crore, according to a notification issued on Saturday. JSW Neo Energy Ltd., a wholly-owned subsidiary of JSW Energy, is acquiring this.

The three assets involved in the transaction are Hetero Wind Power Ltd., Hetero Wind Power (Pennar) Pvt., and Hetero Med Solutions Ltd. In the last financial year, these three companies collectively generated Rs 143.5 crore in revenue, representing a 14% increase year-on-year.

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JSW Neo Energy will acquire a 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.

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The transaction is subject 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.

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