Indian multinational conglomerate JSW Group has signed an agreement to acquire renewable energy producer Mytrah Energy India in an expected transaction value of $1.8 billion to $2 billion.
Hyderabad-based Mytrah has more than 1.8GW of operating assets in the renewable energy sector. The assets are spread across 17 wind farms and 21 solar projects in 9 states - Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Karnataka, Telangana states, Andhra Pradesh and Tamil Nadu.
JSW Group has recently been expanding its renewable energy base. Last year, the company announced plans to double its power generation portfolio, with renewables and hydropower accounting for 70% of its total medium-term capacity.
The company has said it aims to reduce its carbon footprint by 50% by 2030 and become carbon neutral by 2050.
JSW Neo Energy, a JSW group company, was recently announced as one of the winners of the Indian Solar auction for a 1.2GW Interstate Transmission System (ISTS)-connected wind power project (Tranche-XII).
Last month, JSW Neo Energy signed a memorandum of understanding (MoU) with the Telangana state government to develop the 1.5 GW Komoram Bheem pumped-storage project in Telangana.
JSW Neo Energy has been securing key resources for pumped storage projects in various resource-rich states with a capacity of 10GW. With the signing of the MoU, the company has tied up resources for 5GW of pumped hydro storage projects with the governments of Maharashtra, Chhattisgarh, Telangana and Rajasthan.
