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ICICI Securities Report
JSW Energy Ltd. has agreed to acquire the 1,753 mega watt renewable energy portfolio of Hyderabad based Mytrah Energy for net enterprise of Rs 105.3 billion, or 6.4 times normalised Ebitda of Rs 16.5 billion at P90 levels (FY22 Ebitda was Rs 12.4 billion).
The all-cash transaction is expected to be complete by November 2022. Mytrah Energy has 1,331 MW of operational wind assets (10 special purpose vehicles), 422 MW solar assets (seven SPVs, 422 MW) and one ancillary SPV (where group captive customers will continue to hold 26% stake).
Revenue from the portfolio was Rs 15.6 billion / Rs 13.8 billion / Rs 14.7 billion for FY20 / FY21 / FY22.
With this acquisition, JSW Energy’s portfolio is estimated to comprise 9.1 giga watt by March 2024, of which 65% will be renewables.
We believe the acquisition is -accretive; however, scope for optimisation and improvement of operational efficiencies is significant.
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