JSW Energy acquires Statkraft’s hydro power project in Himachal Pradesh; stock up 3%

Shares of Sajjan Jindal-led JSW Energy Ltd rose as much as 3% in intraday trade on Friday after the company’s wholly-owned subsidiary JSW Neo Energy signed a deal with Norway’s Statkraft to acquire an under-construction hydro power project in Himachal Pradesh for an enterprise value of ₹1,728 crore.

JSW Neo Energy will acquire 100% equity shares of Tidong Power Generation Pvt Ltd, which owns a 150-megawatt (MW) under-construction run-of-river hydro-electric power plant in Tidong Valley, situated in Kinnaur district of Himachal Pradesh.

Reacting to the development, shares of JSW Energy rose 2.7% in intraday trade to hit a high of ₹552.60 on the BSE.

Statkraft, a Norwegian state-owned renewables company, announced plans to divest its India portfolio—which includes solar, wind, and hydro assets and power trading across multiple states—last year to focus on select markets in Europe and South America.

The plant is expected to be commissioned in October 2026 and has a 22-year power purchase agreement remaining with Uttar Pradesh Power Corporation Ltd to procure 75 MW power during the months of May to October at a tariff of ₹5.57 per kilowatt-hour (KWh). The remaining capacity of 75 MW is currently untied and can be sold in the market.

Following this deal, JSW Energy’s locked-in generation capacity stands at 30.5 gigawatt (GW) with hydro capacity of 1.8 GW, including current operational hydro capacity of 1.6 GW.

The 30.5 GW locked-in generation capacity comprises 13.1 GW of operational, 12.8 GW of under-construction capacity across thermal and renewable and has a pipeline of 4.6 GW. The company also has 29.4 GWh of locked-in energy storage capacity through hydro pumped storage projects of 26.4 GWh and a battery energy storage system of 3.0 GWh. The company aims to reach 30 GW of generation capacity and 40 GWh of energy storage capacity by FY30 and achieve carbon neutrality by 2050.

“This acquisition further strengthens our position as the largest private hydro power player in India... We are confident of completing the construction in a timely manner,” said Sharad Mahendra, Joint Managing Director and CEO of JSW Energy.

"This acquisition also brings on board a team of skilled manpower with experience in hydro-power project execution, expertise we can leverage for the development of our upcoming pumped-hydro storage projects," Mahendra added.

On Monday, Pratik Agarwal-led Serentica Renewables acquired solar power assets of Statkraft in a deal valued at $220-250 million. With this deal, KKR-backed Serentica gets a 445 MW operational solar power plant in Bikaner and 1 gigawatt of under-construction solar assets across Rajasthan.