Latest news with #Rs15bn
Yahoo
10-04-2025
- Business
- Yahoo
JSW Neo Energy acquires O2 Power's 4.7GW renewable platform
Mumbai, India-based JSW Neo Energy, a subsidiary of JSW Energy, has finalised the acquisition of a 4.7GW renewable energy platform from O2 Power. The acquisition, valued at Rs124.68bn ($1.44bn), marks a significant expansion in JSW Energy's renewable energy capacity. The platform, established by EQT and Temasek in 2020, strengthens JSW Energy's position in the renewable sector. The acquisition will enable JSW Energy to generate steady state earnings before interest, taxation, depreciation and amortisation (EBITDA) of Rs15bn from 2.25GW capacity, expected to be operational by June 2025. Additional capital expenditure of Rs135bn will be required to achieve a capacity of 4.69GW by June 2027, resulting in an annualised EBITDA of Rs37.5bn. As of the fiscal year 2025, O2 Power's installed capacity is 1.34GW. JSW Energy joint managing director and CEO Sharad Mahendra stated: "We are pleased to announce the completion of JSW Energy's largest acquisition to date of 4.7GW of O2 Power. This acquisition brings high-quality assets across resource-rich states, along with a management team and employees having a proven track record in planning and execution. 'This strategic acquisition brings us closer to achieving our 20GW capacity target significantly before 2030. O2 Power also brings additional connectivity for 900MW, which will facilitate our future growth. We warmly welcome O2 Power's experienced management team and employees to the JSW Energy family." With this acquisition, JSW Energy's pro forma installed capacity for the same period is 12.21GW, with renewable energy accounting for 6.55GW - approximately 54% of the total capacity. The acquired platform includes 4.1GW of utility-scale renewable energy projects and 596MW of commercial and industrial capacity. Of the total platform capacity, 3.72GW is secured under power purchase agreements (PPAs) with high-credit-quality off-takers, including both utility-scale and commercial and industrial customers. An additional 974MW of capacity has received letters of awards or intent, and awaits the signing of PPAs The assets are distributed across seven resource-rich states, primarily in western India. The portfolio includes a diverse energy mix with 1.8GW of solar, 0.5GW of wind, 1.6GW of hybrid and 0.9GW of complex solutions such as firm and despatchable renewable energy round the clock. The platform has a blended average tariff of Rs3.37 per kilowatt hour. JSW energy director of finance and chief financial officer Pritesh Vinay stated: "The completion of O2 Power acquisition underscores our commitment towards value accretive growth and prudent capital allocation. O2 Power has built an attractive portfolio and pipeline of projects, which adds to our asset base and strengthens our operational capabilities and presence. 'Not only is this acquisition attractive – both from [a] "build versus buy" trade off as well as from a quality and value perspective – but also we will draw synergies operationally as well as enhance portfolio returns from a competitive financing package to fund this transaction." PWC served as transaction advisor, while Khaitan & Co and Herbert Smith were legal advisors. KPMG conducted financial and tax due diligence, and Wind Guard carried out technical due diligence. JSW Energy received approval from the Committee of Creditors to acquire KSK Mahanadi Power Company's 3.6GW coal-fired thermal power plant in Chhattisgarh, India, in January 2025. This acquisition is part of the company's resolution plan under the corporate insolvency process of the Insolvency and Bankruptcy Code 2016. The operational segment of the plant includes three units with a combined capacity of 1.8GW, secured 95% under long and medium-term PPAs. "JSW Neo Energy acquires O2 Power's 4.7GW renewable platform" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
05-03-2025
- Business
- Zawya
Aditya Birla Finance eyes $172mln from short 3.5-year bond
Aditya Birla Finance is planning to raise Rs15bn (US$172m) from short 3.5-year bonds at 7.9413%, according to market sources. The non-banking financial company is targeting Rs2.5bn plus a greenshoe of Rs12.5bn from bonds due August 7 2028. It is seeking bids tomorrow from 11:30am to 12:30pm India time. Kotak Mahindra Mutual Fund is heard to be the anchor investor. Icra and Crisil have assigned a AAA (stable) rating to the secured notes. Source: IFR
Zawya
25-02-2025
- Business
- Zawya
Tata Capital announces IPO plan: IFR
India's Tata Capital said it plans to launch an IPO which will comprise 230m primary shares and an undisclosed secondary component. The company did not indicate the size and timing of the float. Market participants expect it to raise up to Rs150bn (US$1.72bn). Additionally, Tata Capital said it is planning a rights issue of up to Rs15bn, with shareholders on the company's books as of February 25 eligible to participate. Kotak is working on the IPO and more banks are likely to join the syndicate. Non-banking finance company Tata Capital is a subsidiary of Tata Sons. The IPO is being planned to comply with the Reserve Bank of India's requirement for "upper layer" non-banking financial companies to list on the country's stock exchanges within three years of being included in this category. Tata Capital was declared an upper layer NBFC by the RBI on September 30 2022. Both Tata Capital and Tata Sons have to list by September 2025. As the parent of a complex conglomerate with multiple listed entities already, Tata Sons has been seeking an exemption from the Reserve Bank of India as going public would involve complying with demanding disclosure requirements and may limit its flexibility to make investments. Bajaj Housing Finance, which also had to list by September 2025, raised Rs65.6bn from an IPO in September, while HDFC Bank subsidiary HDB Financial Services, another company on the RBI list, has filed with the Securities and Exchange Board of India for an IPO of Rs125bn. Tata Capital's revenue in the nine months December was Rs126.9bn, up 35% from Rs94.2bn a year earlier. Net profit rose 20% to Rs20.7bn from Rs17.2bn.
