EQT to exit Indian renewable energy platform O2 Power

• EQT and Temasek will sell O2 Power to JSW Neo Energy for $1.5 billion.
• O2 Power was established as a new company in 2020 by EQT and Temasek and has since become a major player in India renewable energy sector, reaching 4.7 gigawatts of total capacity.
• O2 Power represents EQT’s first infrastructure investment in Asia-Pacificas well as EQT’s first infrastructure release in the region.

STOCKHOLM, December 27, 2024 /PRNewswire/ — EQT Infrastructure IV (“EQT”) and Temasek today announced the sale of 100% of O2 Power (the “Company”) to JSW Neo Energy, a wholly owned subsidiary of JSW Energy , For $1.5 billion. Established as a new company in 2020 by EQT and Temasek, the two organizations have worked to build and support O2 Power from a new renewable energy start-up to one of the India the largest renewable energy platforms, specializing in large-scale projects in solar, wind and hybrid energy technologies. Based in Gurgaon, Indiathe Company has secured a total capacity of 4.7 gigawatts since its inception, of which 2.3 gigawatts are expected to be operational by June 2025.

The company has been built around robust governance structures, scalable operational processes and systems, and a diverse board of directors with both global and local expertise. This laid the foundation for growth while ensuring transparency and accountability.

Under the ownership of EQT and Temasek, O2 Power has successfully diversified into solar, wind and hybrid technologies and adjacent battery energy storage solutions. The Company has also expanded its presence serving the utility and commercial and industrial segments, thereby consolidating its leadership position in the utility space. India renewable energy market.

As a result, since its inception, O2 Power has grown from a team of experienced co-founders to a professional organization with over 300 employees. In addition to deep project lifecycle expertise, the company has established strong central functions in finance, compliance, human resources and other key areas to position itself for long-term success. term. Despite the challenges posed by the COVID-19 pandemic, the Company demonstrated resilience and strategic agility, achieving continued growth through disciplined expansion and targeted acquisitions.

The transaction marks an important milestone for EQT in Asia-Pacificas O2 Power was EQT’s first infrastructure investment in the region, and it is now the company’s first infrastructure exit. O2 Power aligns with EQT’s thematic investment on energy transition infrastructure, including renewable platforms. India The renewable energy market remains one of the most dynamic in the world, driven by the government’s ambitious targets to reach 500 gigawatts of installed renewable capacity by 2030. O2 Power’s track record and strategic positioning enable it to continue to contribute significantly to a cleaner and more sustainable energy future. for the country.

Piyush Singhvigeneral director and head of India & Southeast Asia for the EQT Infrastructure advisory teamsaid, “India is one of the most exciting renewable energy markets in the world, and O2 Power has played a key role in driving its clean energy transition. We are proud to have participated in this crucial effort. O2 Power’s success as a large-scale and diversified renewable energy platform is a true testament to the power of disciplined governance, strategic innovation and a shared vision for a greener future. Under Parag’s exceptional leadership, O2 Power has built a strong platform that will continue to thrive with the support of JSW Neo Energy. We look forward to seeing him continue to drive the energy transition by India and a cleaner, more sustainable future.

Parag SharmaCEO of O2 Powersaid: “This transaction marks an exciting new chapter for O2 Power. I want to thank our incredible team, especially the site teams, whose dedication has been essential to our success. we are working to bring additional capacity into service and expand our pipeline. We are deeply grateful to EQT and Temasek for their support in establishing O2 Power as a leader in the field. India renewable energy sector. With the support of JSW Neo Energy, we aim to build India most impactful renewable energy company, strengthening our position as market leader while driving the country’s renewable energy goals.

Barclays served as financial advisor to EQT and Temasek, and A&O Shearman served as legal advisor to EQT and Temasek.

Contact EQT

EQT press office, presse@eqtpartners.com

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