Mumbai: Billionaire Sajjan Jindal-controlled
JSW Energy
will buy
Reliance Power
‘s wind energy asset in Maharashtra for Rs 132 crore.
The 45-MW wind power asset is located in Vashpet and has a pact with Adani Electricity for power offtake. The money from the sale of the asset will be used to repay loans. The asset was mortgaged with DBS bank.
On Thursday, Reliance Power informed stock exchanges that the asset is free from encumbrance after it settled borrowing obligations with the Singaporean bank.
Last year, JSW Energy acquired several solar and wind energy assets from Ravi Kailas of Mytrah Energy for Rs 10,531 crore.
The deal, the largest in JSW Energy’s history, helped it to leapfrog its power production capacity by over 36%.
The Vashpet wind energy unit had an income of Rs 29 crore in FY23. The transaction is expected to be concluded by next month. The Vashpet acquisition has been routed through JSW Renewable Energy (Coated), a step down subsidiary of the Rs 10,332-crore JSW Energy.