Statkraft, Europe’s largest renewable energy producer, has sold its 49% minority stake in Malana Power Company to its joint venture partner, India’s LNJ Bhilwara Group.
The sale includes Statkraft’s share in the Malana hydropower plant (86MW) and the Allain Duhangan hydropower plant (192MW), both located in Himachal Pradesh. The facilities have operated as 49:51 joint ventures between the two companies since 2004.
“We are very pleased with this transaction. Our partnership with the LNJ Bhilwara Group has been a cornerstone of our Indian hydropower operations. We are confident they will continue to operate these assets with commitment and dedication, contributing to clean energy generation and sustainable regional development,” said Fernando de Lapuerta, Executive Vice President International in Statkraft.
Riju Jhunjhunwala, Managing Director of Bhilwara Energy, said, “Our long-standing partnership with Statkraft has been one of mutual learning and shared commitment to excellence. As we assume complete ownership of the Malana Power Company assets, LNJ Bhilwara Group is strategically positioned to scale its presence in the power sale business and actively explore new opportunities in renewable energy, with growth and technology at the core. I would like to extend my gratitude to every member of Statkraft and LNJ Bhilwara Group for their contribution to these projects over the years.”
The divestment is part of Statkraft’s plan to reduce its portfolio in India and focus on markets where it can expand and strengthen its position, particularly in Europe and South America.
“Statkraft remains committed to play a significant role in the global energy transition. By reallocating capital to core markets in Europe and South America, we are positioning ourselves to deliver even greater value creation and impact,” de Lapuerta said.
Statkraft entered India in 2004 through its joint venture SN Power, the first foreign investor in the country’s hydropower sector. Over the past two decades, the company expanded its presence into solar, wind, and hydropower generation, as well as power trading across multiple states.
The LNJ Bhilwara Group is an Indian business conglomerate with operations in textiles, power, graphite electrodes, and information technology, spanning 17 companies, 21 manufacturing units, and 9 marketing offices.
