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Bhilwara Energy to Take Over 76 MW Phata Byung Hydropower Project in Uttarakhand

Bhilwara Energy has signed a definitive agreement to acquire full ownership of the 76 MW Phata Byung Hydroelectric Project in Uttarakhand, strengthening its hydropower portfolio and expanding its total hydro capacity to 375 MW.

LNJ Bhilwara Group has entered into a Share Purchase Agreement to acquire 100 per cent of the equity in M/s Mandakini Jal Urja from M/s Statkraft IH Holding AS, subject to the fulfilment of customary conditions precedent. Following completion of the transaction, Bhilwara Energy will become the sole owner of the company, marking a key step in the Group’s expansion within India’s hydropower sector and its growing presence in Uttarakhand.

The transaction includes the 76 MW Phata Byung Hydroelectric Project, a run-of-the-river facility currently under construction in Rudraprayag district, Uttarakhand. The project represents a strategic addition to Bhilwara Energy’s renewable energy portfolio and aligns with the Group’s long-term vision of developing reliable, sustainable, and domestically built power generation assets across India.

Commenting on the acquisition, Riju Jhunjhunwala, Managing Director of Bhilwara Energy, said the move underscores the Group’s commitment to creating high-quality renewable energy infrastructure that supports India’s clean energy transition. He added that the project would further strengthen the company’s hydropower portfolio and reflects its long-term investment approach focused on dependable and environmentally responsible assets. Jhunjhunwala also expressed confidence in progressing the project towards timely commissioning once the transaction is completed.

With this acquisition, Bhilwara Energy continues to expand India’s renewable energy capacity through targeted investments in hydropower, reinforcing its role in supporting the country’s sustainable development and clean energy objectives.

Fernando de Lapuerta, Executive Vice President – International at Statkraft, said the divestment is in line with Statkraft’s global strategy to streamline its international portfolio and concentrate on select core markets. He added that, as Statkraft exits India, Bhilwara Energy—its long-standing partner for over two decades—possesses the capability and long-term vision required to successfully advance the Phata Byung Hydroelectric Project. He also noted that the transaction would create new opportunities for Statkraft’s employees involved with the project.