TPG, Tepco, Brookfield in talks for JSW Neo stake - The Economic Times
TPG, Tepco, Brookfield in talks for JSW Neo stake - The Economic Times
TPG,
Tokyo Electric Power Company(Tepco) and
Brookfield are in advanced talks to buy a minority stake in
JSW Neo Energy, said people with knowledge of the matter.
The subsidiary of listed
JSW Energy may sign a deal with two of these funds in the coming weeks, they said. JSW Group is looking to raise up to $500 million from the stake sale, which is expected to be used for further expansion in renewable energy.
TPG declined to comment. JSW, Tepco and Brookfield did not respond to queries.
JSW Neo Energy will house the parent's upcoming renewable projects for generation, storage and production of green hydrogen.
Target 10 GW generation capacity by 2025
JSW Energy will also be moving its existing hydro energy projects into subsidiaries under
JSW Neo Energy, it said earlier. This will help the company build and streamline its renewables portfolio, as well as set up a holding structure that's efficient for fundraising and unlocking value for shareholders, it had said.
US private equity fund TPG, which has several investments in India - including in BookMyShow and Dream11 - earlier invested $1 billion in
Tata Motors through its Rise Climate fund. Tepco holds a stake in ReNew Power through Jera, a joint venture with Chubu Electric Power Co. Canada's
Brookfield Asset Management is also looking to expand its renewable energy portfolio in India.
JSW Neo Energy recently acquired 1.75 GW of renewable energy generation capacity from Mytrah Energy for Rs 10,530 crore. This includes wind energy capacity of 1.33 GW and solar energy capacity of 422 MW - primarily in the southern, western and central parts of India.
The acquisition, the largest by JSW Energy since inception, propelled the company's operational capacity by over 36% from 4.81 GW to 6.56 GW. The listed company has a target of achieving 10 GW operational power generation capacity by 2025, and 20 GW by 2030.
Earlier, Prashant Jain, joint managing director of JSW Energy, said in an interview that the company was contemplating taking JSW Neo public.
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TPG, Tepco, Brookfield in Talks for JSW Neo Stake
Private equity investors TPG, Tokyo Electric Power Company (Tepco) and Brookfield are in advanced talks to buy a minority stake in JSW Neo Energy, said people with knowledge of the matter.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”