Statkraft, Europe’s largest producer of renewable energy, has signed an agreement to sell the hydropower project Tidong in Himachal Pradesh to JSW Energy.
The transaction includes the Tidong hydropower project, a 150 MW run-of-river plant under construction in Himachal Pradesh. The plant is expected to reach completion and start operations during 2026.
'We are pleased with this transaction. JSW Energy is one of India’s largest independent power producers with experience in hydropower development and operations. We are confident that they will continue to develop and operate the Tidong hydropower plant with competence and commitment, contributing to India’s green energy transition. I am also glad that this offers new opportunities for our competent employees following the transaction,' says Fernando de Lapuerta, Executive Vice President International in Statkraft.
'We are elated to announce the acquisition of Tidong hydro plant, our fourth hydro asset and a significant addition to our hydro portfolio in Himachal Pradesh. This acquisition further strengthens our position as the largest private hydro power player in India and reinforces our commitment to support India’s power sector. We are confident of completing the construction in a timely manner with our experience of delivering the fastest built greenfield 240 MW Kutehr hydro plant, and deriving synergies through Karcham-Wangtoo Hydro plant. This acquisition also brings on board a team of skilled manpower with experience in hydropower project execution, expertise we can leverage for the development of our upcoming pumped-hydro storage projects. By combining our strengths, I am confident we will continue to deliver exceptional value to all our stakeholders,' says Sharad Mahendra, Joint Managing Director and CEO of JSW Energy.
The completion of the transaction is subject to the fulfilment of conditions precedent and necessary regulatory?approvals, if any.
Statkraft announced plans to divest its India portfolio last year, focusing the company’s investments on select markets in Europe and South America to build scale and strengthen its competitiveness. This transaction adds to the recently announced transactions with Serentica and Bhilwara, and marks a major milestone towards divesting Statkraft’s India portfolio.
The Norwegian state-owned renewables company Statkraft entered the Indian market through its ownership in the joint venture SN Power in 2004. SN Power was the first foreign investor in the country’s hydropower sector. Over two decades, Statkraft built a diversified renewable energy portfolio, including solar, wind, and hydro assets and power trading across multiple states in India.
JSW Energy is one of the leading Private sector power producers in India and part of the USD 23 billion JSW Group which has significant presence in sectors such as steel, energy, infrastructure, cement, sports among others. JSW Energy has established its presence across the value chains of power sector with diversified assets in power generation, and transmission. With strong operations, robust corporate governance and prudent capital allocation strategies, JSW Energy continues to deliver sustainable growth, and create value for all stakeholders. The Company is presently constructing various power projects to the tune of 12.8 GW, with a vision to achieve a total power generation capacity of 30 GW by 2030.
Source: Statkraft
