M&A

M&A

JSW Neo Energy to acquire 12 SPVs of Mytrah Energy

BSE Announcement  

JSW Neo Energy Ltd (JSWNEL), JSW Energy's subsidiary, is to acquire the entire equity of 12 special purpose vehicles of Mytrah Energy (India) Pvt Ltd (MEIPL). In August 2022, JSWNEL had agreed to acquire a portfolio of 1,753 MW of renewable energy generation capacity from MEIPL comprising 17 SPVs and 1 Ancillary SPV (Transaction). JSWNEL has now agreed to acquire the entire shareholding of additional 12 MEIPL special purpose vehicles (SPVs). The acquisition is expected to help the company to complete the transaction by allowing one of the 17 SPVs i.e. Mytrah Vayu (Sabarmati) Pvt Ltd, which owns a 250 MW wind power plant, to have better exclusive holding rights to certain land parcels used by it. The cumulative consideration payable for the 12 SPVs would be INR 1.82 crore which will be part of the total consideration agreed to be paid for acquiring a portfolio of 1,753 MW of renewable energy generation capacity from MEIPL comprising of 17 SPVs and 1 Ancillary SPV. The transaction is expected to be completed by April 30, 2023. The target companies posted a revenue of INR 0.90 lakh in FY2022.