JSW Renewable Energy Coated Limited, a wholly-owned subsidiary of JSW Neo Energy Limited will acquire 45 MW of Renewable Energy generation capacity from Reliance Power Limited for Rs 132 crore, the company said on Friday.
The power project is located at Jath, Sangli District, Maharashtra. The transaction values of the project at Rs 132 crores is adjusted for net working capital, the company said.
“A Business Transfer Agreement has been signed between the parties and the transaction is subject to other customary approvals standard to a transaction of this size,” the company said in a press statement.
JSW Energy has a total locked-in generation capacity of 12.5 GW comprising 7.2 GW operational, 2.6 GW under construction across the wind, thermal, and hydro, and LoA/LoIs for 2.7 GW capacity from SECI (Solar Tranche XIII and Wind Tranche XVI), SJVN, and GUVNL.
In addition, the company has 3.4 GWh of locked-in energy storage capacity through a battery energy storage system and a hydro-pumped storage project. The company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.
JSW Energy Ltd is part of the $23 billion JSW Group. It is presently constructing various power projects to the tune of 2.6 GW, with a vision to achieve a total power generation capacity of 20 GW by the year 2030.