Statkraft has signed an agreement to sell its Tidong hydropower project in Himachal Pradesh, India, to JSW Energy Ltd.
The 150MW run-of-river plant is under construction and expected to be completed and begin operations in 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,” said Fernando de Lapuerta, Executive Vice President International at Statkraft.
Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, added: “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.”
The deal is subject to regulatory approvals and other conditions precedent.
Statkraft announced in 2024 that it would divest its India portfolio to focus on building scale in Europe and South America. The Tidong transaction follows earlier sales to Serentica and Bhilwara and represents another step in that strategy.
The Norwegian state-owned company entered India in 2004 through its joint venture SN Power, the first foreign investor in the country’s hydropower sector. Over two decades, Statkraft developed solar, wind, and hydro assets and power trading operations across several states.
JSW Energy, part of the US$23 billion JSW Group, is one of India’s largest private sector power producers. The company has a power generation and transmission portfolio and is currently building projects totaling 12.8 GW, with a target of 30 GW capacity by 2030.
