O2 Power Acquisition, Valuation, Funding & Investors

O2 Power was acquired by JSW Energy for $1.5B in December 2024.

O2 Power acquisition price

$1.5B

Acquired by JSW Energy · Dec 2024

Cumulative funding O2 Power raised

$500M

across 1 funding round

Key investors in O2 Power

O2 Power Overview

About O2 Power

O2 Power is a New Delhi-headquartered renewable energy developer executing solar and wind projects for Indian utilities and commercial clients. Owns 810 MW portfolio including Rajasthan solar farms and Gujarat wind installations connected to SECI and state grids. Secures PPAs with NTPC and Adani Electricity for round-the-clock green power supply. Advances 2 GW pipeline through land acquisition in Madhya Pradesh and battery storage pilots.


Founded

2019

HQ

IndiaGurgaon

Website

o2power.in

Status

Acquired

Customer focus

B2B

Revenue model

Usage-based

Valuation

$1.5B (acquired Dec 2024)

O2 Power Acquisition

O2 Power was acquired by JSW Energy for $1.5B on 28 December 2024.

Before the acquisition O2 Power had raised $500M across 1 funding round.

O2 Power acquisition details
AcquirerDateTypePrice
28 Dec 2024Strategic M&A$1.5B

O2 Power Funding History

O2 Power has raised a total of $500M across 1 funding round.

O2 Power funding rounds

O2 Power funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2020Undisclosed stageEQT (lead); Temasek (lead)$500MO2 Power is an Indian renewable energy platform specializing in utility-scale solar, wind, hybrid technologies, and battery energy storage solutions, established as a greenfield startup in 2020 by EQT Infrastructure IV and Temasek Holdings. Headquartered in Gurgaon, the company grew under their ownership to secure 4.7 gigawatts of total capacity, with 2.3 gigawatts expected to be operational by June 2025, serving public utility and commercial & industrial segments. In December 2024, EQT and Temasek announced the 100% sale of O2 Power to JSW Neo Energy, a subsidiary of JSW Energy, for USD 1.5 billion, marking EQT's first infrastructure investment and exit in Asia Pacific. The divestment highlights O2 Power's rapid scaling and leadership in India's fast-growing renewable energy market, driven by government targets for 500 gigawatts of installed capacity by 2030. Post-sale, O2 Power aims to further expand under JSW Neo Energy to build India's most impactful renewable energy business.

Who has invested in O2 Power?

2 investors have backed O2 Power across its funding rounds, including Temasek and EQT.

Lead investors include EQT and Temasek.


O2 Power Investors

Investors in O2 Power by funding rounds participated
InvestorHQRoundsRoleFirst check

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O2 Power Competitors

O2 Power competitors include listed companies like Premier Energy, Romande Energie and Econergy, and private ones like LONGi Hydrogen Energy, Yuze Semiconductor and Arcadia.

Public and private companies comparable to O2 Power
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Premier EnergyCyprusCyprusPublicly listed$2B$193M$1.5B0.9x
LONGi Hydrogen EnergyChinaXi'anPrivate--$1.4B-
Yuze SemiconductorChinaKunmingPrivate--$1.4B-
Romande EnergieSwitzerlandSwitzerlandPublicly listed$960M$231M$1.5B1.9x
ArcadiaUnited StatesDenver, COPrivate--$1.5B-
EconergyUnited KingdomUnited KingdomPublicly listed$11M($64M)$1.5B-

O2 Power Public Comps

O2 Power is no longer listed, but its public comps include Premier Energy, Romande Energie, Econergy, Birlesim Grup Enerji, CropEnergies, REX American Resources, CS Wind, CleanMax, Minera Valparaiso and Tamboran Resources.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Premier Energy$2B$193M0.9x0.9x9.2x9.2x
Romande Energie$960M$231M1.9x1.9x7.9x9.4x
Econergy$11M($64M)205.8x-(34.8x)-
Birlesim Grup Enerji$31M$15M50.6x-103.3x-
CropEnergies$5M($41M)270.8x1.1x(35.0x)12.2x
REX American Resources$650M$97M1.8x1.8x11.9x-
CS Wind$2.1B$205M1.0x1.1x10.6x6.7x
CleanMax$199M$125M14.5x10.8x23.0x18.2x

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Common questions about O2 Power

When was O2 Power founded?O2 Power was founded in 2019.
Where is O2 Power headquartered?O2 Power is headquartered in Gurgaon, India.
Is O2 Power publicly listed?No, O2 Power was acquired by JSW Energy in December 2024.
Who acquired O2 Power?O2 Power was acquired by JSW Energy in December 2024.
How much was O2 Power acquired for?O2 Power was acquired for $1.5B in December 2024.
How much funding has O2 Power raised?O2 Power has raised $500M across 1 funding round.
What was O2 Power's last funding round?O2 Power's last funding round was a $500M undisclosed-stage round in January 2020, led by EQT and Temasek.
Who are O2 Power's investors?O2 Power's investors include Temasek and EQT.
Which companies are comparable to O2 Power?Companies comparable to O2 Power include Premier Energy, LONGi Hydrogen Energy, Yuze Semiconductor, Romande Energie, Arcadia and Econergy.

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