EQT and Temasek have sold their Indian renewable energy platform to JSW Neo Energy for $1.5bn (€1.44bn).
EQT, through its EQT Infrastructure IV fund, and Singapore sovereign wealth fund Temasek invested $500m in 2020 to create O2 Power the renewable energy platform in India.
O2 Power has since expanded into solar, wind, hybrid technologies and battery energy storage solutions. The company also grew its reach across public utility and commercial and industrial sectors.
EQT said O2 Power – which has now being sold to the JSW Energy subsidiary – has secured a total capacity of 4.7GW since its inception, with 2.3GW expected to be operational by June 2025.
EQT’s investment in O2 Power represented its first infrastructure venture in the Asia-Pacific region, and this transaction marks its completion with the firm’s first infrastructure exit.
Piyush Singhvi, MD and head of India & Southeast Asia for the EQT infrastructure advisory team, said: “India is one of the most exciting renewable energy markets globally, and O2 Power has been playing a key role in advancing its clean energy transition. We are proud to have been part of this pivotal effort.
“O2 Power’s success as a scaled 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.”
Parag Sharma, CEO of O2 Power, said: “We remain committed to providing our team with continuing opportunities for growth as we work to commission incremental capacity and expand our pipeline. We are deeply grateful to EQT and Temasek for their support in establishing O2 Power as a leader in India’s renewable energy sector.
“With the backing of JSW Neo Energy, we aim to build India’s most impactful renewable energy business, solidifying our position as a market leader while driving the nation’s renewable energy goals.”
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