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As reported by Mint, JSW Group has entered into an exclusive agreement to buy green energy producer Mytrah Energy India Pvt. Ltd. The people aware of the development told the media agency.
In yet another instance of a big-bang deal brewing in the Indian clean energy segment The JSW Group, led by Sajjan Jindal, has signed an exclusive agreement with Mytrah Energy in Hyderabad to purchase the wind and solar assets of the latter.
JSW Group was able to beat other bidders, and the deal’s enterprise value was expected to be in the range of $1.6 billion to $1.7 billion, reported Moneycontrol. JSW Energy was the likely acquirer and wanted to increase its green energy footprint. Mytrah Energy currently has around 1.7 GW in operational solar and wind assets.
Barclays Bank is believed to be handling the Mytrah sale.
JSW Group is active in India’s green-energy deal space. JSW Group participated in the sale of Actis Llp’s platform for renewable energy in India Sprng Energy to Shell Plc, at an enterprise value $1.55 billion.
JSW Group and other investors actively seek out such assets as India’s transition to clean energy in order to reduce the impact of climate change.
JSW Future Energy Ltd is a division of JSW Energy Ltd and has ambitious plans to capitalize on India’s clean-energy transition.
However, Vikram Kailas, co-founder and managing Director of Mytrah Energy declined to comment. Spokespeople from JSW Group and Barclays Bank India also declined to comment.
