O2 Power
O2 Power is an India-based renewable energy IPP that developed and operated approximately 4.7 GW of utility-scale solar and wind generation capacity. Founded in 2019 by Parag Sharma and Peeyush Mohit, it was backed by EQT and Temasek before being acquired by JSW Neo Energy in 2025 for $1.5 billion.
- Company typePrivate
- Founded2019
- HeadquartersGurugram, India
- Headcount251–500
- GTM typeB2B
- OfferingServices
What O2 Power does
O2 Power was an India-based renewable energy Independent Power Producer (IPP) that developed, owned, and operated utility-scale solar and wind power generation projects. Founded in 2019 in Gurgaon by Parag Sharma (founder & CEO) and Peeyush Mohit (founder & COO), the company built a portfolio of approximately 4.7 GW of renewable energy capacity across India. The platform was backed by Swedish private equity firm EQT and Singapore's Temasek, which together committed USD 500 million in a funding round dated January 2020. O2 Power's value proposition centered on contributing capacity toward India's national clean energy and net-zero targets through long-tenor Power Purchase Agreements and grid-connected renewable generation assets.
The company's business model followed the standard Indian IPP playbook: site development, project construction and commissioning, followed by long-term power offtake under PPAs (typically with state distribution utilities or industrial Commercial & Industrial buyers). Revenue was generated by selling generated kilowatt-hours at contracted rates, with margin economics driven by capital cost (debt + equity), capacity utilization, and PPA tariffs. O2 Power did not publicly disclose pricing or revenue figures, consistent with private utility-scale operators where disclosure is limited.
In 2025, O2 Power was acquired by JSW Neo Energy — a subsidiary of JSW Energy and part of the JSW Group conglomerate — for USD 1.5 billion. The transaction transferred the entire 4.7 GW platform into JSW Energy's portfolio, contributing to JSW's stated target of 30 GW installed generation capacity by 2030 (from 13.70 GW as of May 2026). Post-acquisition, O2 Power operates as a subsidiary within JSW Neo Energy rather than as a standalone entity, and its growth trajectory is now subsumed into the parent group's renewable expansion plan, which also includes energy storage (~40 GWh by 2030), green hydrogen, equipment manufacturing, and power trading.
O2 Power firmographics
Firmographics- Name
- O2 Power
- Legal name
- O2 Power
- Website
- https://o2power.in
- Company type
- Private
- Founded year
- 2019
- Operating status
- Acquired
- Headcount range
- 251–500 employees
- Short description
- O2 Power is an India-based renewable energy IPP that developed and operated approximately 4.7 GW of utility-scale solar and wind generation capacity. Founded in 2019 by Parag Sharma and Peeyush Mohit, it was backed by EQT and Temasek before being acquired by JSW Neo Energy in 2025 for $1.5 billion.
- Ownership category
- akta.pro rank
O2 Power industry classification
Industry- Product category
- Renewable Energy Generation
- NAICS
- Wind Electric Power Generation (221115), Solar Electric Power Generation (221114), Electric Power Generation (22111)
- SIC
- Electric Services (4911), Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Renewable Energy Asset O&M (Wind, Solar, Hydro, Geothermal) (EUAEAGAB)
Keywords
Where O2 Power is headquartered
LocationHeadquarters
- HQ city
- Gurugram
- HQ country
- India
- HQ region
- Asia
Markets served
O2 Power business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales
O2 Power product offering
Product offeringCore offering
O2 Power operated a renewable energy platform with approximately 4.7 GW of generation capacity focused on solar and wind power projects across India. The platform supplied utility-scale clean power generation capacity to support India's energy transition and clean energy targets, and was built and managed as a portfolio company before being acquired by JSW Neo Energy in 2025.
Product overview
O2 Power was a standalone renewable energy platform operating in India. Based on the available source data, it offered a 4.7 GW renewable generation capacity platform focused on solar and wind energy projects. The company operated as a portfolio company of EQT (a Swedish private equity firm) before being acquired by JSW Neo Energy (a subsidiary of JSW Energy) in 2025 for approximately USD 1.5 billion. No additional product or service documentation for O2 Power is available in the source data.
Differentiator
Problem solved
Functional benefit
Products and services
- O2 Power Renewable Platform Utility-scale renewable energy generation platform comprising approximately 4.7 GW of solar and wind power capacity across India, supplying clean power to utilities and large commercial/industrial offtakers under long-term arrangements.
Companies that use O2 Power
Customer profileIdeal customer profiles1 record
O2 Power technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
O2 Power partnerships and signals
Strategic signalScale indicators3 records
Recent moves4 records
Expansion highlights3 records
O2 Power competitors and assessment
Company assessmentMarket position
Weaknesses5 records
Competitive moat3 records
Key risks5 records
Key highlights6 records
Customer concentration
O2 Power financial estimates
Financial estimateRevenue estimate
Valuation estimate
O2 Power leadership team
Management profileNumber of profiles
Profiles2 records
O2 Power funding detail
Funding detailFunding overview
Funding rounds1 record
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
O2 Power M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about O2 Power
What does O2 Power do?
O2 Power operated a renewable energy platform with approximately 4.7 GW of generation capacity focused on solar and wind power projects across India. The platform supplied utility-scale clean power generation capacity to support India's energy transition and clean energy targets, and was built and managed as a portfolio company before being acquired by JSW Neo Energy in 2025.
Is O2 Power a public or private company?
O2 Power is a private company. It is classified as corporate owned and is currently acquired.
When was O2 Power founded?
O2 Power was founded in 2019. It employs 251 to 500 people.
Where is O2 Power based?
O2 Power is headquartered in Gurugram, India, in the Asia region.
Does O2 Power have an API?
No public API is recorded for O2 Power.
What industry is O2 Power in?
O2 Power's product category is Renewable Energy Generation. Its primary akta.pro industry code is EUAEAGAB, Renewable Energy Asset O&M (Wind, Solar, Hydro, Geothermal). Its NAICS code is 221115 and its SIC code is 4911.