Temasek, the state-owned investor in Singapore, and EQT Infrastructure IV, a global investment organization in Sweden, have announced that they have sold O2 Power, an Indian renewable energy platform, to JSW Neo Energy, a power company based in India, for $1.5 billion.
O2 Power was founded as a new company in 2020 by EQT and Temasek. Since then, both companies have worked to develop and support O2 Power from a greenfield renewables start-up to one of India’s largest renewable energy platforms, with a focus on utility-scale projects involving solar, wind, and hybrid energy technologies, according to a statement released by EQT last Friday.
Since its founding, the business, which has its headquarters in Gurgaon, India, has acquired a total capacity of 4.7 gigawatts, with 2.3 gigawatts anticipated to be operational by June 2025.
In addition to a diversified board with both local and international experience, the company was founded on strong governance frameworks, operational procedures, and scalable systems.
This maintained accountability and transparency while laying the groundwork for future expansion.
O2 Power effectively expanded into solar, wind, hybrid, and related battery energy storage technologies while being owned by EQT and Temasek.
In order to maintain its position as a market leader in India for renewable energy, the company also increased the number of customers it serves in the commercial, industrial, and public utility sectors.
Because of this, O2 Power has expanded from a group of seasoned co-founders to a seasoned company with more than 300 workers since its founding.
To position itself for long-term success, the company created strong core functions in finance, compliance, human resources, and other crucial areas, in addition to having extensive project lifecycle knowledge.
The corporation showed resiliency and strategic agility in the face of the COVID-19 pandemic’s hurdles, generating sustained growth through targeted acquisitions and disciplined expansion.
Since O2 Power was EQT’s first infrastructure investment in Asia Pacific and its first infrastructure departure, the deal represents a major turning point for the company.
O2 Power complements EQT’s thematic investment focus on renewable platforms and other energy transition infrastructure.
India’s market for renewable energy is still one of the fastest-growing in the world, thanks to the government’s aggressive goals of installing 500 gigawatts of renewable power by 2030.
O2 Power is well-positioned to continue making a significant contribution to the nation’s transition to cleaner and more sustainable energy thanks to its track record and strategic placement.
“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,” said Piyush Singhvi, Managing Director and Head of India & Southeast Asia for the EQT.
“Under Parag’s exceptional leadership, O2 Power has built a strong platform that will further thrive with JSW Neo Energy’s support,
“We look forward to seeing it continue to drive the energy transition in India and a cleaner, more sustainable future,” he added.
