EQT to Exit Indian Renewable Energy Platform O2 Power

• EQT and Temasek to sell O2 Power to JSW Neo Energy forUSD 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 inIndia'srenewable energy sector, achieving 4.7 gigawatt of total capacity.
• O2 Power represents EQT's first infrastructure investment inAsia Pacific, as well as EQT's first infrastructure exit in the region.

STOCKHOLM,Dec. 27, 2024/PRNewswire/ -- 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, forUSD 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 ofIndia'slargest 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 byJune 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 inIndia'srenewable 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 inAsia 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'srenewable 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 ofIndia&Southeast Asiafor the EQT Infrastructure advisory team, said,"Indiais 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 inIndiaand 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 inIndia'srenewable energy sector. With the backing of JSW Neo Energy, we aim to buildIndia'smost 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

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SOURCE EQT