Indian billionaire Sajjan Jindal-led JSW Energy said on Friday its JSW Neo Energy unit will acquire renewable energy platform O2 Power's subsidiaries in a deal worth $1.47 billion. The acquisition aligns with JSW Energy's target of achieving 20 GW renewable-led capacity before fiscal 2030 amid a strong government push for higher clean energy capacity.

The acquisition would help the company in achieving its renewable-led capacity growth target of 20 gigawatt (GW) before fiscal 2030, the company said in its statement.

JSW Neo Energy, a wholly owned subsidiary of JSW Energy, on Friday signed a definitive agreement to acquire 4.7 gigawatt (GW)from O2 Power for a total enterprise value of Rs 12,468 crore.

JSW Energy’s wholly-owned subsidiary JSW Neo Energy on Friday signed an agreement to acquire a 4,696-megawatt (MW) renewable energy portfolio from O2 Power Pooling, a platform jointly established by EQT Infrastructure and Temasek.

JSW Neo Energy will acquire 4,696 MW renewable energy platform from O2 Power for Rs 12,468 crore. The deal is subject to CCI approval and other customary approvals.

The transaction, valued at approximately $1.47 billion after adjusting for net current assets, is subject to approval by the Competition Commission of India (CCI) and other customary clearances.

JSW Energy will acquire the green energy business of O2 Power for Rs 12,468 crore in an all-cash deal, enhancing its portfolio with 4.7 GW of renewable projects. The acquisition coincides with JSW's mission to achieve 20 GW generation capacity by 2030 and is expected to complete by May 26.