JSW Renewable Energy, a subsidiary of Indian energy company JSW Energy, has announced the acquisition of a 45MW wind power project from Reliance Power on a slump sale basis.
Located in Jath, Sangli District, in the Indian state of Maharashtra, the project will be acquired for Rs1.32bn in cash, adjusted for net working capital.
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The two companies signed a business transfer agreement, with the completion of the deal contingent on regulatory approvals.
The acquisition adds to JSW Energy’s portfolio, which includes a total locked-in generation capacity of 12.5GW.
The 12.5GW capacity is a mix of 7.2GW operational, 2.6GW under construction across wind, thermal and hydro, and letters of award and intent for 2.7GW from the Solar Energy Corporation of India (SECI), hydroelectric power generator Satluj Jal Vidyut Nigam and Gujarat Urja Vikas Nigam, the state electricity regulation board in the state of Gujarat.
The company also secured 3.4 gigawatt-hours (GWh) of energy storage capacity through battery energy storage systems and a hydro-pumped storage project.
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By GlobalDataIn March 2024, JSW Neo Energy, another arm of the company, received a 700MW solar project from SECI as part of a larger initiative to connect 1.5GW of solar power projects to the inter-state transmission system.
JSW Neo Energy also secured 500MW of wind capacity from SECI, with an option to increase awarded capacity by 700MW, bringing total capacity to 1.02GW.
The company has set strategic goals to expand its generation capacity to 20GW and its energy storage capacity to 40GWh by 2030. It aims to reach carbon neutrality by 2050.
