Khaitan & Co and Herbert Smith Freehills have guided Indian billionaire Sajjan Jindal’s JSW Energy on its $1.47 billion proposed acquisition of 4,696 MW renewable energy platform O2 Power from Temasek and EQT Infrastructure. Both sellers were represented by Trilegal and A&O Shearman.
The acquisition by JSW Neo Energy aligns with JSW Energy’s target of achieving 20 GW renewable-led capacity before fiscal 2030, amid a strong government push for higher clean energy capacity. The proposed acquisition is expected to be completed by May.
EQT will exit O2 Power following the deal, the Sweden-based private equity firm said in a filing, according to a Reuters report.
The Khaitan team comprised partners Haigreve Khaitan, Siddharth Shah, Akhil Bhatnagar, Purti Minawala, and Vivek Mimani, principal associates Aman Anand and Bhagirath Ashiya, and associates Palak Mohta, Rahul Pai, and Shefali Prasad.
They were supported by partners Moin Ladha (regulatory), Sudheer Madamaiah (real estate), and Anisha Chand and Anshuman Sakle (competition).
Khaitan also guided JSW Energy on its $580 million qualified institutional placement in 2024.
HSF’s 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.
"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,” Shukla said in a statement.
Trilegal’s corporate team was led by partner Vaibhav Kothari and comprised counsels Hema Priyadarshini Patnaik and Neethu Roy, senior associates Anirudh Banga, Kopal Raje, Ananya Kumar, and Vidur Prabhakar, and associates Amartya S., Parinishtha Ganz, and Lakshaya Grover.
Trilegal’s projects team advising on the matter was led by partners Nayantara Nag, Riyaz Bhagat and Megha Kaladharan, and their real estate team on the deal was led by partner Rahul Arora. Competition advise was led by partner Gautam Chawla.
The A&O Shearman team was led by partners Ayesha Thapar and James Mythen in Singapore, and Harsh Pais in London.
