Khaitan & Co, Trilegal, Herbert Smith Freehills and A&O Shearman assisted on JSW Energy acquiring O2 Power and its subsidiaries for USD1.47 billion.
Khaitan & Co advised JSW on the acquisition of O2 Power, which is a renewable energy joint venture established by EQT Infrastructure and Temasek, and has a total capacity of 4.7GW.
“This deal marks a significant milestone for JSW Energy and the Khaitan team,” said Akhil Bhatnagar, partner and one of the transaction team leaders from Khaitan. “This was a complex deal which involved thorough collaboration of teams and advisers across jurisdictions. With thoughtful planning and a solution-oriented approach, we were able to get this over the line.”
JSW Neo Energy, a wholly owned subsidiary of JSW Energy, completed the transaction, which marks one of the largest deals in the renewable energy sector. It is also the largest acquisition in JSW Energy’s history.
Khaitan partners Haigreve Khaitan, Siddharth Shah, Bhatnagar, Purti Minawala and Vivek Mimani led the team, with the assistance of principal associates Aman Anand and Bhagirath Ashiya, as well as associates Palak Mohta, Rahul Pai and Shefali Prasad.
Partners Moin Ladha, Sudheer Madamaiah, and Anisha Chand and Anshuman Sakle advised on regulatory, real estate and competition matters, respectively.
Herbert Smith Freehills partners Siddhartha Shukla and Lucy Curran led the team, advising JSW Energy on the English law aspects of the transaction. Partner Victor Chiew, senior associate Raj Mathew and associate Kenji Lee also supported the team.
Trilegal acted for EQT and Temasek on their sale of O2 Power to JSW Neo Energy, with partner Vaibhav Kothari leading the team. The team comprised counsel Hema Priyadarshini Patnaik and Neethu Roy, senior associates Anirudh Banga, Kopal Raje, Ananya Kumar and Vidur Prabhakar, as well as associates Amartya Srivastava, Parinishtha Ganz and Lakshaya Grover.
Partners Nayantara Nag, Riyaz Bhagat and Megha Kaladharan led the projects team, while partner Rahul Arora led the real estate team, and partner Gautam Chawla led the competition team.
A&O Shearman acted as primary counsel to sellers EQT and Temasek and the team was led by partners Ayesha Thapar (Singapore), Harsh Pais (London) and James Mythen (Singapore), with support from senior associate James Kingston (Bangkok) and associate Agnes Guntara (Singapore).
“The renewable energy sector in India is experiencing rapid growth, and this transaction underscores the pivotal role the region plays in advancing the global energy transition,” said Thapar from A&O Shearman.
