- Companies
- O2 Power
O2 Power Acquisition, Valuation, Funding & Investors
O2 Power was acquired by JSW Energy for $1.5B in December 2024.
Cumulative funding O2 Power raised
$500M
across 1 funding round
Key investors in O2 Power
Temasek
EQT
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
Website
Status
Acquired
Customer focus
B2B
Revenue model
Usage-based
Valuation
$1.5B (acquired Dec 2024)
Sectors
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 28 Dec 2024 | Strategic M&A | $1.5B |
O2 Power Funding History
O2 Power has raised a total of $500M across 1 funding round.
O2 Power funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2020 | Undisclosed stage | EQT (lead); Temasek (lead) | $500M | O2 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 2 O2 Power investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialO2 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2B | $193M | $1.5B | 0.9x | ||
| Private | - | - | $1.4B | - | ||
| Private | - | - | $1.4B | - | ||
| Publicly listed | $960M | $231M | $1.5B | 1.9x | ||
| Private | - | - | $1.5B | - | ||
| Publicly 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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2B | $193M | 0.9x | 0.9x | 9.2x | 9.2x | |||
| $960M | $231M | 1.9x | 1.9x | 7.9x | 9.4x | |||
| $11M | ($64M) | 205.8x | - | (34.8x) | - | |||
| $31M | $15M | 50.6x | - | 103.3x | - | |||
| $5M | ($41M) | 270.8x | 1.1x | (35.0x) | 12.2x | |||
| $650M | $97M | 1.8x | 1.8x | 11.9x | - | |||
| $2.1B | $205M | 1.0x | 1.1x | 10.6x | 6.7x | |||
| $199M | $125M | 14.5x | 10.8x | 23.0x | 18.2x | |||
This data is available for Pro users. Sign up to see all O2 Power competitors and their valuation data. Start Free Trial | ||||||||
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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