A highly anticipated deal in the renewable energy sector is making waves, with top firms I Squared, JSW Neo, and Macquarie shortlisted to acquire O2 Power in a whopping $1-billion deal. The company, founded in 2019 by former ReNew Power executives Parag Sharma, Peeyush Mohit, and Rakesh Garg, has garnered significant attention for its ambitious goals in the renewable energy space.
O2 Power boasts a strong backing, with EQT and Temasek holding 51% and 49% stakes, respectively. The investment giants have pumped in a substantial $500 million into the company, underscoring their faith in O2 Power’s potential for growth. The company’s founders, Sharma, Mohit, and Garg, bring with them a wealth of experience in the renewable energy sector, having served as executives at ReNew Power.
O2 Power’s current focus is on building a robust portfolio of renewable energy projects, with a target of around 5 GW. The company has already made notable progress, having established a 4-GW portfolio. This achievement is a testament to the team’s expertise and dedication to creating a sustainable future through renewable energy.
The shortlisting of I Squared, JSW Neo, and Macquarie in the bid to acquire O2 Power speaks to the company’s immense potential for growth. Each of these firms brings with them a unique set of strengths and resources that could propel O2 Power forward in its mission to expand its portfolio and contribute meaningfully to the renewable energy landscape.
As the bidding process unfolds, all eyes are on the deal, with many eagerly anticipating the outcome. The acquisition of O2 Power is poised to be a significant transaction in the renewable energy sector, with far-reaching implications for the industry as a whole. The deal is expected to not only enhance the acquiring firm’s presence in the market but also contribute to the growth of renewable energy capacity in the region.