EQT AB and Temasek Holdings Pte. Ltd. have sold their Indian renewables joint venture O2 Power Pvt. Ltd. to local player JSW Energy Ltd. for $1.5 billion.Established 2020, O2 Power has secured 4.7 gigawatts (GW) of capacity, of which 2.3 GW are expected to be operational by June 2025, according to Swedish investment company EQT.“Under EQT and Temasek’s ownership, O2 Power successfully diversified into solar, wind, hybrid technologies and adjacent battery energy storage solutions”, EQT said in an online statement announcing the divestment.“The Company also expanded its presence serving both the public utility and Commercial & Industrial segments, securing its position as a leader in India’s renewable energy market”.EQT added, “The transaction marks a significant milestone for EQT in Asia Pacific, as O2 Power was EQT’s first infrastructure investment in the region, and it is now the firm’s first infrastructure exit”.“O2 Power aligns with EQT’s thematic investment focus on energy transition infrastructure, including renewable platforms”, it said.“India’s renewable energy market remains one of the fastest-growing globally, driven by the government’s ambitious targets of achieving 500 gigawatts of installed renewable capacity by 2030”.O2 Power chief executive Parag Sharma said, “With the backing of JSW Neo Energy [JSW Energy subsidiary], 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”.Barclays served as financial advisor to EQT and Temasek in the transaction.Earlier in December EQT introduced a new investment vehicle called EQT Transition Infrastructure, which aims to “scale businesses that help enable the transition across industries to clean energy and a more resource-efficient, circular economy”.The new fund targets Asia-Pacific, Europe and North America. Aschheim, Germany-based ju:niz Energy GmbH, a battery energy storage system developer, will be acquired by EQT as the new fund’s first “highly thematic investment”.Jan Vesely, partner and head of EQT Transition Infrastructure, said in a statement December 5, “The pace of technological innovation and a steady reduction in costs, coupled with digitalization and the evolution of AI, continue to drive the need for a transformation of our energy systems and the economy”.“Against this backdrop, EQT Transition Infrastructure will help emerging but proven solutions and businesses scale, to create the next generation of sustainable energy infrastructure”, Vesely added.EQT said in the statement announcing the new fund, “EQT invests in Infrastructure and Private Capital climate-related opportunities from early-stage ventures through scale-up to large buyouts”.“Through these investments, it aims to help strong companies address environmental challenges by driving their growth, improving their operations, and offering relevant so
Sab. Gen 4th, 2025
