Author: PPD Team Date: 17/03/2025
JSW Neo Energy Limited has completed the acquisition of a 100 per cent equity stake in Virya Infrapower Private Limited for an enterprise value of Rs 75.4 million.
The transaction, finalized on the same day as the signing of the share purchase agreement (SPA), was executed through a 100 per cent cash consideration, subject to post-closing adjustments.
With this acquisition, JSW Neo Energy gains access to a ready renewable power site with the necessary infrastructure to fast-track project development. This aligns with the company’s broader strategy of expanding its clean energy footprint. By securing pre-developed sites, JSW can accelerate execution timelines and improve project viability.
Virya Infrapower is engaged in renewable energy project development in India. However, it has not recorded any revenue from operations over the past three financial years. The acquisition does not involve any related party transactions, as the promoter group of JSW Energy has no stake in Virya Infrapower. Additionally, no regulatory or governmental approvals were required to complete the deal.
JSW Energy, the parent company of JSW Neo Energy, is aggressively expanding in the renewable energy sector. According to its latest annual report, the company has locked in a 13.2 GW power generation portfolio, with a strong focus on renewables. It is targeting 20 GW of generation capacity and 40 GWh of energy storage by 2030.
The acquisition of Virya Infrapower fits into JSW Energy’s strategy of securing ready-to-develop sites to scale up its renewable portfolio. The company has been actively participating in competitive bids for solar, wind, and hybrid projects and has also ventured into green hydrogen and battery energy storage systems (BESS).
JSW Energy is also focusing on pumped storage and BESS projects to address renewable energy intermittency.
As the country moves toward its 500 GW non-fossil fuel capacity target, acquisitions like these help companies secure strategic assets for faster project deployment and long-term growth.