JSW Energy on Tuesday said its subsidiary has agreed to acquire entire equity of 12 special purpose vehicles of Mytrah Energy (India) Pvt Ltd (MEIPL).
In August 2022, JSW Neo Energy Ltd (JSWNEL) had agreed to acquire a portfolio of 1,753 MW of renewable energy generation capacity from MEIPL comprising 17 SPVs and 1 Ancillary SPV (Transaction).
JSWNEL has now agreed to acquire the entire shareholding of additional 12 MEIPL special purpose vehicles (SPVs) within the already agreed consideration approved by the board, a BSE filing stated.
It said the acquisition would help the company achieve a holistic completion of the transaction by allowing one of the 17 SPVs i.e. Mytrah Vayu (Sabarmati) Pvt Ltd, which owns a 250 MW wind power plant, to have better exclusive holding rights to certain land parcels used by it.
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The transaction is expected to be completed by April 30, 2023 subject to fulfilment of conditions precedent set out in the SPA (share purchase agreement), it stated.
The cumulative consideration payable for these 12 SPVs is Rs 1.82 crore.