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JSW Energy Completes Acquisition of 150 MW Tidong Hydropower Project for Rs1,728 Crore
Jan 31, 2026
Project in Himachal Pradesh to strengthen company’s hydro portfolio; commissioning expected in October 2026. JSW Energy Ltd on Wednesday said its wholly owned subsidiary, JSW Neo Energy Ltd, has completed the acquisition of Tidong Power Generation Private Limited from Statkraft IH Holding AS, marking a strategic expansion of the company’s hydropower portfolio.
The transaction values the asset at an enterprise valuation of Rs1,728 crore, excluding net current assets and other customary adjustments under the share purchase agreement, the company said in a media release.
Tidong Power is developing a 150 MW run-of-river hydropower project located in the Tidong Valley of Himachal Pradesh’s Kinnaur district. The project is currently under construction and is expected to be commissioned in October 2026.
The project has a long-term power purchase agreement (PPA) with Uttar Pradesh Power Corporation Ltd (UPPCL) for the supply of 75 MW during the months of May to October at a tariff of Rs5.57 per unit. The remaining 75 MW capacity remains untied and can be sold in the merchant power market, providing potential upside.
Strategic fit and earnings impact
With this acquisition, Tidong Power becomes JSW Energy’s fourth hydropower asset in Himachal Pradesh, reinforcing its position as India’s largest private-sector hydropower producer. Given the advanced stage of construction, the company expects the project to be value-accretive in the near term and to contribute to EBITDA from FY27 onwards, supported by its contracted tariff.
The project’s geographical proximity to JSW Energy’s Karcham Wangtoo hydropower plant is also expected to generate operational and logistical synergies.
Capacity expansion roadmap
JSW Energy currently has 32.1 GW of locked-in generation capacity, comprising 13.3 GW operational, 14.2 GW under construction across thermal, hydro and renewable energy, and a pipeline of 4.6 GW.
The company has also secured 29.6 GWh of energy storage capacity, including 26.4 GWh from pumped storage hydro projects and 3.2 GWh from battery energy storage systems.
JSW Energy has set a target of achieving 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030, along with a goal of carbon neutrality by 2050.