HSA Advocates advised Mytrah Energy (India) Pvt Ltd on sale of its 1753 MW renewable portfolio to JSW Neo Energy Ltd

Corporate & Commercial | Mar 2023 | Amaresh Kumar Singh, Jivesh Chandrayan

HSA Advocates advised Mytrah Energy (India) Private Limited, on sale of its portfolio of 1753 MW renewable
energy generation capacity to JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited.
HSA provided full support to acquisition of 15 SPVs and 13 ancillary SPVs having a total installed capacity of
1,449 MW of renewable energy assets; and Infusion of Optionally Convertible Debentures (OCDs) with a
right to convert into equity in the balance 2 SPVs having renewable energy assets of 304 MW and execution
of binding definitive Forward Sale Agreements for these SPVs.
In August 2022, JSW Neo Energy Limited had agreed to acquire portfolio of 1753 MW of renewable energy
generation capacity comprising of 17 SPVs and 1 ancillary SPV. JSW Neo Energy Limited has now acquired
additional 12 SPVs within the already agreed consideration. The estimated enterprise value of the portfolio
is INR 10,150 crore after adjusting the net current assets and other adjustments under the Share Purchase
HSA assisted in structuring the transaction, relevant vendor legal due diligence, drafting, reviewing,
amending, negotiating, and finalizing the transaction documents; and assisting in execution and closing.
The HSA team was led by Jivesh Chandrayan (Partner) with assistance from Sarjana Pandey, Associate, Arnaz
Pestonji, Associate and Anant Joshi, Associate. HSA real estate team supporting the transaction comprised
of Amaresh Kumar Singh (Partner) and Gouri Kotwaliwale, Associate.
Mytrah’s transaction advisors were Barclays and tax advisors were Transaction Square. JSW Neo Energy
Limited was advised by KPMG (transaction advisors), Khaitan & Co (legal advisors) and PWC (financial and
tax advisors).