JSW Energy signed Transfer agreement deal with Reliance Power Limited

The company JSW Renewable Energy (Coated) Limited, a wholly-owned subsidiary of JSW Neo Energy Limited and a step-down subsidiary of the Company, has confirmed that it has signed a Business Transfer Agreement with Reliance Power Limited for the purchase of the 45 MW Vashpet Wind Project (Business Undertaking) as a going concern on a slump sale basis. The transaction is subject to receipt of the necessary regulatory and other customary approvals.

 

 

Join PSU Connect on WhatsApp now for quick updates! Click here

Read Also : MNRE Announces Amendment to ALMM Order 2019 to Advance Solar Manufacturing

The Company has set a target to reach 20 GW capacity before FY 2030 and to become a carbon-neutral company by FY 2050. The renewable asset under this transaction will be purchased by JSW Renewable Energy (Coated) Limited, a wholly-owned subsidiary of JSW Neo Energy Limited and a step-down subsidiary of the Company. The transaction would help the Company to achieve its renewable-led capacity growth target of 20 GW before FY 2030.

Some of the major approvals are required from the Maharashtra Energy Development Agency along with the existing lenders of Reliance Power Limited and the power off-taker.

 

Read Also : CMD NBCC inaugurates program on application of AI and GEN AI in HR functions in PSU’s

The transaction envisages a Long Stop Date of 60 days and is contingent upon fulfillment of the Conditions Precedent set out in the Business Transfer Agreement. The Purchase consideration for the transaction is Rs. 132 crores adjusted for the Net Working Capital as of the closing date.

Read Also : THDCIL Kicks Off National Level Water Sports Cup 2024 at Tehri