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Blackstone, Serentica, Adani, JSW in Race for Statkraft’s India Assets

Global private equity major Blackstone, Serentica Renewables (backed by KKR), Adani Group, and JSW Group are among the key contenders to acquire Norwegian energy company Statkraft’s India portfolio. Blackstone and Serentica are focusing on solar and wind assets, while Adani and JSW are eyeing Statkraft’s hydropower projects.

Statkraft’s solar portfolio, valued at around ?1,700–1,800 crore, includes a 76 MW operational plant and 75 MW under development in Tamil Nadu, as well as a 445 MW project nearing completion in Rajasthan. Its hydropower assets, estimated at ?1,400–1,500 crore, consist of a 49% stake in two Himachal Pradesh plants—Allain Duhangan (192 MW) and Malana (86 MW)—along with a 150 MW project under construction at Tidong. However, the hydropower stakes, held in joint venture with the LNJ Bhilwara Group, may complicate negotiations.

The sale process is being advised by EY Norway, with binding bids already submitted. Statkraft, Europe’s largest renewable energy producer with 19.4 GW capacity, is divesting Indian assets as part of a broader deleveraging plan following mounting debt and a credit downgrade by Fitch.

This move aligns with a wider trend of global energy firms, such as Fortum, Vibrant Energy, and Zelestra, exiting or monetising Indian portfolios to strengthen balance sheets.