The deal, if executed, will give Mytrah Energy an enterprise valuation of up to $2bn
JSW Group, an Indian conglomerate, has reportedly signed an exclusivity agreement to acquire renewable energy company Mytrah Energy India.
The deal, if executed, will give Mytrah Energy an enterprise valuation of up to $2bn, reported livemint, citing two sources having knowledge of the development.
Mytrah Energy has built more than 1.8GW of operational renewable energy assets, according to its website. The assets include 17 wind farms and 21 solar power plants in nine Indian states, that include Punjab, Rajasthan, Madhya Pradesh, Gujarat, Karnataka, Maharashtra, Andhra Pradesh, Telangana, and Tamil Nadu.
The Hyderabad-based firm mainly sells power to state grids under power purchase agreements ranging between 13 and 25 years. Barclays Bank is said to have been roped in to manage the sale of Mytrah Energy.
Last month, it was reported that JSW Group alongside Singapore-based Sembcorp Industries, and Enfinity Global were shortlisted to acquire the green energy company.
Mytrah Energy was established in 2009. The following year, it got a listing on London’s Alternative Investment Market (IAM) by raising equity of $80m.
In 2018, the company’s founder and chairman Ravi Kailas purchased shares from other shareholders via a special purpose vehicle called Raksha Energy to delist it.
JSW Group, through its subsidiary JSW Energy, presently produces 4.56GW of electricity. Of this, 3.16GW is thermal power, 1.4GW is hydropower, and 10MW is solar power.