EQT AB and Temasek Holdings Pte. Ltd. have offered their Indian renewables three way partnership O2 Energy Pvt. Ltd. to native participant JSW Vitality Ltd. for $1.5 billion.
Established 2020, O2 Energy has secured 4.7 gigawatts (GW) of capability, of which 2.3 GW are anticipated to be operational by June 2025, in response to Swedish funding firm EQT.
“Underneath EQT and Temasek’s possession, O2 Energy efficiently diversified into photo voltaic, wind, hybrid applied sciences and adjoining battery vitality storage options”, EQT stated in an internet assertion asserting the divestment.
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“The Firm additionally expanded its presence serving each the general public utility and Business & Industrial segments, securing its place as a pacesetter in India’s renewable vitality market”.
EQT added, “The transaction marks a major milestone for EQT in Asia Pacific, as O2 Energy was EQT’s first infrastructure funding within the area, and it’s now the agency’s first infrastructure exit”.
“O2 Energy aligns with EQT’s thematic funding deal with vitality transition infrastructure, together with renewable platforms”, it stated.
“India’s renewable vitality market stays one of many fastest-growing globally, pushed by the federal government’s formidable targets of reaching 500 gigawatts of put in renewable capability by 2030”.
O2 Energy chief government Parag Sharma stated, “With the backing of JSW Neo Vitality [JSW Energy subsidiary], we purpose to construct India’s most impactful renewable vitality enterprise, solidifying our place as a market chief whereas driving the nation’s renewable vitality targets”.
Barclays served as monetary advisor to EQT and Temasek within the transaction.
Earlier in December EQT launched a brand new funding car known as EQT Transition Infrastructure, which goals to “scale companies that assist allow the transition throughout industries to scrub vitality and a extra resource-efficient, round economic system”.
The brand new fund targets Asia-Pacific, Europe and North America. Aschheim, Germany-based ju:niz Vitality GmbH, a battery vitality storage system developer, might be acquired by EQT as the brand new fund’s first “extremely thematic funding”.
Jan Vesely, companion and head of EQT Transition Infrastructure, stated in a press release December 5, “The tempo of technological innovation and a gentle discount in prices, coupled with digitalization and the evolution of AI, proceed to drive the necessity for a metamorphosis of our vitality programs and the economic system”.
“Towards this backdrop, EQT Transition Infrastructure will assist rising however confirmed options and companies scale, to create the following technology of sustainable vitality infrastructure”, Vesely added.
EQT stated within the assertion asserting the brand new fund, “EQT invests in Infrastructure and Personal Capital climate-related alternatives from early-stage ventures by way of scale-up to giant buyouts”.
“By way of these investments, it goals to assist robust corporations tackle environmental challenges by driving their development, enhancing their operations, and providing related options by way of their services and products”, it added.
“EQT has helped 49 portfolio corporations, akin to 57 % of its invested fairness, to validate near-term Science Based mostly Targets”.
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