JSW Energy, through its wholly owned subsidiary JSW Neo Energy, has announced the acquisition of three Special Purpose Vehicles from Hetero Group that will add a collective capacity of 125 MW to the company's energy-generating portfolio.

According to the deal, valued at ₹630 crore, JSW Energy will acquire a 100% stake in Hetero Wind Power (Pennar) and Hetero Med Solutions, while it will acquire a 74% stake in Hetero Wind Power, with the remaining 26% continued to be held by the captive consumer. The transaction includes a 90-day long stop date and is subject to the fulfilment of the conditions precedent outlined in the definitive agreements.

The revenue from the three SPVs stood at ₹143.5 crore in FY24, up 14% year-on-year, adding substantial value to JSW's growing energy portfolio. This deal will also help the company move closer to its goal of achieving carbon neutrality by 2050, reflecting its commitment to sustainable energy solutions.

Currently, JSW Energy operates across a diverse range of energy sectors, including wind, solar, hydro, and thermal, with an overall installed capacity of 7.7 GW and an additional 2.1 GW under construction.

The broader context of this acquisition is JSW's drive to remain competitive in India's rapidly growing renewable energy sector, which has been attracting considerable investment. JSW Energy's focus on clean energy is part of its long-term vision of achieving carbon neutrality by 2050. The company has been strategically acquiring and developing projects to transition from thermal power to renewable energy, aiming to achieve a balanced energy mix.

In the renewable sector, JSW is targeting a total capacity of 10 GW by FY2025 and 20 GW by 2030. This acquisition follows a series of moves by JSW Energy to expand its renewable footprint, including a recent agreement with NTPC for the development of 700 MW solar capacity.

Earlier this year, JSW had announced the acquisition of a 45 MW wind power project from Reliance Power. Last week, the company also announced that two of its subsidiaries, JSW Renew Energy Six Ltd. and JSW Renew Energy Thirty Ltd., have signed power purchase agreements with Maharashtra State Electricity Distribution Co. for a combined 1,200 MW of solar-wind hybrid capacity. Each agreement covers a 600 MW hybrid project, as detailed in an exchange filing.