Indian conglomerate JSW Group has signed an exclusivity agreement to acquire Mytrah Energy India Pvt, a domestic independent renewable power producer with roughly 2 GW of capacity in operation, Mint reported on Thursday.
Two knowledgeable sources have told the newspaper that JSW is willing to buy the subsidiary of UK-based Mytrah Group in a deal with an enterprise value of USD 2 billion (EUR 1.89bn). According to the insiders, Mytrah has hired Barclays Bank to facilitate the transaction.
Mytrah Energy India’s website shows that the company has more than 1.8 GW of renewable power plants across multiple states in India, including 17 wind and 21 solar parks. The output of those plants is being sold under power purchase agreements (PPAs) with state-owned grid operators. According to Mint, Mytrah’s operational portfolio consists of 1.7 GW of wind and 535 MW of solar capacity, while an additional 700 MW of projects are under development.
The Hyderabad-based power generator aims at having 3.5 GW of renewable capacity operating in India.
Reportedly, JSW Group was among the shortlisted bidders willing to acquire Mytrah. The list also included Singapore's Sembcorp Industries Ltd (SGX:U96) and renewable services company Enfinity Global Inc.
JSW Group operates in the power sector through listed subsidiary JSW Energy (BOM:533148).
(USD 1.0 = EUR 0.945)
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