Statkraft Divests Minority Stake In Indian Hydropower Joint Venture, LNJ Bhilwara Group Takes Ownership

Statkraft, Europe’s largest renewable energy producer, has completed the sale of its 49 percent minority share in Malana Power Company to its long-term partner, the Indian LNJ Bhilwara Group. The transaction represents a strategic move as Statkraft sharpens its global focus and continues to optimize its portfolio through selective divestments, including in India. Fernando de Lapuerta, Executive Vice President International at Statkraft, commented on the sale, saying that the partnership with LNJ Bhilwara Group has been a cornerstone of Statkraft’s Indian hydropower operations.

He expressed confidence that the group would continue to operate the assets with dedication, contributing to clean energy generation and sustainable regional development. The deal covers Statkraft’s stake in the Malana Power Company, which includes the Malana hydropower plant (86 MW) and the Allain Duhangan hydropower plant (192 MW), both located in Himachal Pradesh. These plants have been jointly operated as 49:51 ventures between Statkraft and LNJ Bhilwara Group since 2004.

Riju Jhunjhunwala, Managing Director of Bhilwara Energy, said that the long-standing partnership with Statkraft had been one of mutual learning and shared commitment to excellence. He noted that with full ownership of the Malana Power Company assets, the LNJ Bhilwara Group is well-positioned to expand its presence in power sales and explore new renewable energy opportunities, focusing on growth and technology. He also thanked both Statkraft and LNJ Bhilwara teams for their contributions over the years.

This transaction aligns with Statkraft’s previously announced plan to divest its India platform and reflects the company’s strategy to concentrate investments in markets where it can achieve scale and long-term competitiveness. De Lapuerta emphasized that Statkraft remains committed to playing a significant role in the global energy transition. By reallocating capital to core markets in Europe and South America, the company aims to deliver greater value and impact.

Statkraft entered the Indian market in 2004 through its joint venture SN Power, becoming the first foreign investor in the country’s hydropower sector. Over the past two decades, Statkraft has built a diversified renewable energy portfolio in India, spanning solar, wind, and hydropower projects, as well as power trading across multiple states. The LNJ Bhilwara Group is a prominent Indian business conglomerate with 17 companies, 21 manufacturing units, and 9 marketing offices operating across sectors such as textiles, power, graphite electrodes, and information technology.