Herbert Smith Freehills advises JSW Neo Energy on acquisition of O2 Power for US$1.5 billion

Leading international law firm Hebert Smith Freehills has advised JSW Neo Energy, a wholly owned subsidiary of JSW Energy, on its acquisition of O2 Power from EQT Infrastructure IV (EQT) and Temasek Holdings (Temasek) for c.US$1.5 billion, its biggest acquisition to date.

JSW Energy is a leading renewable energy and power generation company in India whose goal is to enhance social and economic benefits while minimising environmental impacts through cutting-edge innovation.

O2 Power was established as a new company in 2020 by EQT and Temasek and has since grown to become a major player in India's renewable energy sector, with 2,259 megawatts (Mw) of capacity to be operational by June 2025. Around 1,463 Mw is currently under construction, and an additional 974 Mw is in the pipeline, all scheduled for commissioning by June 2027. The capacities are spread across seven states in India.

The Herbert Smith Freehills team was led by partners Siddhartha Shukla in London and Lucy Curran in Singapore. They were supported by partner Victor Chiew, senior associate Raj Mathew, and associate Kenji Lee.

Partner Siddhartha Shukla commented: "It is an exciting time for India's renewable energy industry, and this transaction is another example of the key role which the region has in facilitating the energy transition. We are very proud to have advised JSW Neo Energy on this landmark deal, drawing upon our cross-border expertise and deep understanding of the local energy markets, and we are excited for its next chapter as it continues to drive the nation’s green energy targets."

JSW Neo Energy was also advised by Khaitan & Co.