• EQT and Temasek to sell O2 Power to JSW Neo Energy for USD 1.5 billion.
• O2 Power was established as a new company in 2020 by EQT and Temasek and has since grown to become a leading player in India’s renewable energy sector, achieving 4.7 gigawatt of total capacity.
• O2 Power represents EQT’s first infrastructure investment in Asia Pacific, as well as EQT’s first infrastructure exit in the region.

EQT Infrastructure IV (“EQT”) and Temasek today announced the 100% sale of O2 Power (the “Company”) to JSW Neo Energy, a wholly owned subsidiary of JSW Energy, for USD 1.5 billion. Established as a new company in 2020 by EQT and Temasek, both organizations have worked to build and support O2 Power from a greenfield renewables start-up, into one of India’s largest renewable energy platforms, specializing in utility-scale projects across solar, wind and hybrid energy technologies. Headquartered in Gurgaon, India, the Company has secured a total capacity of 4.7 gigawatt since its inception, with 2.3 gigawatt expected to be operational by June 2025.

The Company was built around robust governance structures, operational processes and scalable systems, alongside a diverse board with both global and local expertise. This laid the foundation for growth while upholding transparency and accountability.

Under EQT and Temasek’s ownership, O2 Power successfully diversified into solar, wind, hybrid technologies and adjacent battery energy storage solutions. 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.

As a result, since its inception, O2 Power has grown from a team of experienced co-founders into a professional organization with over 300 employees. In addition to deep project lifecycle expertise, the Company established robust central functions in finance, compliance, HR and other key areas to position itself for long-term success. Despite the challenges posed by the COVID-19 pandemic, the Company demonstrated resilience and strategic agility, achieving continued growth through disciplined expansion and targeted acquisitions.

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. 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’s track record and strategic positioning equip it to continue contributing meaningfully to a cleaner and more sustainable energy future for the country.

Piyush Singhvi, Managing Director and Head of India & Southeast Asia for the EQT Infrastructure advisory team, said, “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. 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.”

Parag Sharma, CEO of O2 Power, said, “This transaction marks an exciting new chapter for O2 Power. I want to thank our incredible team, especially the site teams, whose dedication has been critical to our success. We remain committed to providing our team with continuing opportunities for growth as we work to commission incremental capacity and expand our pipeline. We are deeply grateful to EQT and Temasek for their support in establishing O2 Power as a leader in India’s renewable energy sector. With the backing of JSW Neo Energy, 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, and A&O Shearman served as legal advisor to EQT and Temasek.

EQT Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.

More info: www.eqtgroup.com
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About Temasek
Temasek is a global investment company headquartered in Singapore, with a net portfolio value of S$389 billion (US$288b) as at 31 March 2024. Operating on commercial principles, it seeks to deliver sustainable returns over the long term. Temasek has 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, DC outside Asia.  

More info: www.temasek.com.sg

About O2 Power
O2 Power is a leading renewable energy company in India with expertise in wind and solar energy across both utility-scale and C&I segments. The company holds an extensive portfolio of both commissioned and under development capacity. Operating across eight states, O2 Power leverages innovative energy solutioning and strong execution capabilities to drive India’s transition to sustainable energy.

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