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Statkraft Exits Malana Power Company, LNJ Bhilwara Group Assumes Full Ownership

Norway-based Statkraft has sold its 49% stake in Malana Power Company to LNJ Bhilwara Group, making Bhilwara Energy, its subsidiary, the sole owner of the joint venture. The deal includes Statkraft’s stakes in two Himachal Pradesh hydropower assets—the 86 MW Malana and 192 MW Allain Duhangan projects—which have been co-operated under a 51:49 JV since 2004.

This divestment aligns with Statkraft’s broader strategy to exit India and concentrate on core growth markets in Europe and South America, where it seeks scale and competitiveness. Fernando de Lapuerta, EVP International at Statkraft, emphasized that reallocating capital to these markets would enhance long-term value creation.

For LNJ Bhilwara, the acquisition strengthens its footprint in India’s power sector. Riju Jhunjhunwala, MD of Bhilwara Energy, highlighted the group’s plans to scale its power sales business while expanding into new renewable opportunities. Recently, Bhilwara Energy also secured Rs5 billion from Singularity AMC to establish an integrated energy transition platform—HEG Greentech—focused on renewable assets, energy storage, anode materials, recycling, and advanced battery technologies.

The company has already made strides in the energy storage sector, winning 100 MW capacity in Urja Vikas Nigam’s Phase IV BESS auction. Meanwhile, Statkraft continues to streamline its India exit, having sold a 120 MWp operational solar portfolio to Greenchoice last month.