EQT Infrastructure IV and Temasek have sold 100 percent in O2 Power to a subsidiary of JSW Energy, JSW Neo Energy, for USD 1.5 billion. EQT and Temasek established O2 Power in 2020, having started with the development of the platform from scratch, developing it as a greenfield renewable energy platform. It has, over the course of time, developed into one of the big platforms for renewable energy in India.

O2 Power, based in Gurgaon, has secured 4.7 GW of capacity and will reach 2.3 GW by June 2025. The firm became a strong player in the energy market in India by focusing on large-scale projects and renewable solutions.

O2 Power Growth Under EQT and Temasek’s Ownership

Under EQT and Temasek’s leadership, O2 Power expanded into solar, wind, hybrid systems, and battery storage solutions. This diversification enabled O2 Power to serve both public utility and Commercial & Industrial segments.

Since its inception, O2 Power has grown significantly from a start-up to a professional organization with over 300 employees. The company established strong governance frameworks, scalable operational processes, and a diversified board with both local and global expertise. These structures supported O2 Power’s rapid expansion, helping it navigate challenges like COVID-19 and continue growing through strategic acquisitions.

Also read: EQT Completes Acquisition of OX2 AB to Strengthen Renewable Energy Portfolio 

EQT’s First Infrastructure Exit in Asia Pacific

O2 Power marks EQT’s first infrastructure exit in Asia, which is a great milestone for the firm. The O2 Power deal marks EQT’s first investment in the infrastructure space in the region and, therefore, a success in building a renewable energy platform.

Piyush Singhvi, Managing Director and Head of India & Southeast Asia for the EQT Infrastructure advisory team, highlighted that India is one of the most exciting renewable energy markets globally. He emphasized O2 Power’s significant role in advancing the country’s clean energy transition. Singhvi stated that he is proud to be part of this transformative effort, wherein the success of O2 Power as a large and diversified renewable energy platform has demonstrated disciplined governance, strategic innovation, and shared vision for a greener future.

The Indian renewable energy market is growing very fast towards the goal of 500 gigawatts by 2030. O2 Power will help India achieve its clean energy transition considering its proven track record and positioning.

Eni has commenced production from Phase 2 of the Baleine field off the coast of Côte d’Ivoire in a major milestone for energy development in the country. This milestone pushes production up to 60,000 barrels of oil per day and 70 million cubic feet of associated gas.

Under Phase 2 development, Eni installed the Floating Production, Storage, and Offloading Unit known as Petrojarl Kong, and the Floating Storage and Offloading Unit referred to as Yamoussoukro.These units will export oil, while processed gas will supply Côte d’Ivoire’s local energy needs through the Phase 1 pipeline.

Baleine Field: A Boost for Côte d’Ivoire’s Energy Security

This step cements Côte d’Ivoire’s status as a leading energy player in the global scene. The project boosts oil production but also brings more significant benefits in enhancing energy security for the country through supplies to critical local demand. With Phase 2 completion, Eni has ensured Côte d’Ivoire’s further strengthened position in energy independence and its increased access to energy nationally.

Baleine Phase 2 is also a testament to Eni’s efficiency: refurbished offshore units to reduce costs and footprints.

Sustainability and Carbon Neutrality in Africa

Baleine is indeed the first net-zero emissions upstream project in Africa; the operations will be subject to state-of-the-art technologies in order to make carbon footprints as lean as possible. Eni has developed several innovative projects in collaboration with Ivorian ministries to make this project sustainable for the long term.Some of these include a clean cooking program that provides improved cookstoves to local communities. The program has reached over 575,000 people in vulnerable areas. The project also supports the protection and restoration of 14 classified forests in Côte d’Ivoire, which supports carbon neutrality.

The development includes community initiatives in vocational training, education, health, and economic diversification, boosting Eni’s positive impact in Côte d’Ivoire.

Also read: Eni Partners with Côte d’Ivoire to Launch Forest Preservation and Restoration Project

Eni has been undertaking production in Côte d’Ivoire since the year 2015 up to date, producing a number of 22 000 barrels of oil equivalent in the day. It operates 10 deepwater blocks in a joint venture with Petroci Holding. The blocks cover CI-101, CI-205, CI-401, CI-501, CI-801, CI-802, CI-504, CI-526, CI-706, and CI-708.

Baleine Phase 3 is scheduled to come in production. With an assumed average production, Eni production volumes would thus be 150,000 barrels per day, that shall put in historic terms mark an important step for the country toward regional energy hubs and at long term underlines further Petroci Holding cooperation.