The Competition Commission of India (CCI) on Monday approved the proposed acquisition of 100 per cent stake each in O2 Power Midco Holdings and O2 Energy SG by JSW Neo Energy. JSW Neo Energy is a wholly-owned subsidiary of JSW Energy, which belongs to the JSW Group. JSW Energy (through its subsidiaries) engaged in power generation and transmission through conventional and non-conventional sources.
‘The proposed combination involves the acquisition by JSW Neo Energy Ltd of 100 per cent shareholding of O2 Power Midco Holdings Pte Ltd (O2 Midco) and O2 Energy SG Pte Ltd (O2 Energy),’ the CCI said in a release.
O2 Power Midco Holdings and O2 Energy SG are engaged in renewable power generation (wind and solar power generation).
‘CCI approves the proposed acquisition of 100 per cent shareholding of O2 Power Midco Holdings Pte Ltd and O2 Energy SG Pte Ltd by JSW Neo Energy Ltd,’ the regulator said.
In December last year, JSW Energy said its arm JSW Neo Energy will acquire 4,696 MW renewable energy platform for an enterprise value of Rs 12,468 crore from O2 Power Pooling Pte Ltd.
The transaction entails acquisition of O2 Power Midco Holdings Pte Ltd and O2 Energy SG Pte Ltd.
JSW Neo Energy has signed a definitive agreement to acquire a 4,696 MW renewable energy (RE) platform from O2 Power, a platform jointly established by EQT Infrastructure & Temasek.
The company had stated that the transaction has an enterprise valuation of about Rs 12,468 crore after adjusting for net current assets.
O2 Power has a capacity of 4,696 MW- where 2,259 MW will be operational by June 2025, 1,463 MW is currently under construction, and an additional 974 MW are in the pipeline- all scheduled for commissioning by June 2027.
