Statkraft, Europe’s Largest Renewable Energy Producer, Inks Deal To Sell Under-Construction 150 MW Tidong Run-of-River Hydropower Project In Himachal Pradesh, India, To JSW Energy Ltd.

Statkraft, Europe’s largest renewable energy producer, has entered into an agreement to sell its Tidong hydropower project in Himachal Pradesh to JSW Energy Ltd. The Tidong project is a 150 MW run-of-river hydropower plant currently under construction and is expected to be completed and begin operations in 2026. Fernando de Lapuerta, Executive Vice President International at Statkraft, said the company is pleased with the transaction. He noted that JSW Energy is one of India’s largest independent power producers with significant experience in hydropower development and operations.

According to him, Statkraft is confident that JSW will continue to develop and manage the Tidong project with the necessary expertise and commitment, which will support India’s transition to cleaner energy. He also added that the transaction will create new opportunities for Statkraft’s employees associated with the project. Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, described the acquisition as an important addition to the company’s portfolio.

He explained that Tidong is JSW Energy’s fourth hydropower asset and strengthens its position as the largest private hydropower company in India, particularly in Himachal Pradesh. Mahendra highlighted the company’s strong record of delivering hydro projects on schedule, mentioning its successful completion of the 240 MW Kutehr plant, and said the acquisition will allow JSW to create synergies with its Karcham-Wangtoo hydropower plant. He added that the transaction also brings in a team of experienced hydropower professionals, whose skills will be valuable for JSW’s upcoming pumped-hydro storage projects.

The completion of the sale will depend on the fulfilment of standard conditions and regulatory approvals. Statkraft announced its plan last year to divest its India portfolio in order to focus on selected markets in Europe and South America, aiming to build scale and enhance its competitiveness. The Tidong transaction follows other recent deals with Serentica and Bhilwara, marking a significant milestone in Statkraft’s planned exit from India.

The Norwegian state-owned company entered the Indian market in 2004 through its joint venture SN Power, which was the first foreign investor in India’s hydropower sector. Over the last two decades, Statkraft has developed a diverse renewable energy portfolio in India, including solar, wind, and hydropower assets, as well as power trading operations in several states.

JSW Energy Ltd is one of India’s leading private-sector power producers and part of the USD 23 billion JSW Group, which has a strong presence across sectors such as steel, energy, infrastructure, cement, and sports. JSW Energy has operations spanning power generation and transmission and is currently constructing projects with a combined capacity of 12.8 GW. The company has set a target of achieving a total generation capacity of 30 GW by 2030, underlining its commitment to supporting India’s power sector and energy transition.