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JSW Neo Set to Acquire Statkraft’s Himachal Hydro Project

JSW Neo Energy, the renewable arm of JSW Energy, has emerged as the frontrunner to acquire Statkraft’s hydropower project in Himachal Pradesh. The deal, valued at Rs1,200–1,400 crore, is likely to be finalized soon. The project, located on the Tidong tributary of the Sutlej River, has a capacity of 150 MW but is not yet operational. Statkraft has already spent around Rs2,000 crore on the project, which includes an 8 km-long head race tunnel, a 110-metre surge shaft, a 1,200-metre pressure shaft, and a surface powerhouse.

Apart from JSW Neo, KKR-backed Serentica Renewables and Torrent Power also made bids for this asset. Statkraft, a Norwegian government-owned company and Europe’s largest renewable energy generator, is exiting India as part of a global restructuring to focus on Europe. It recently sold its solar power business in Rajasthan to Serentica for $220–250 million and exited a joint venture with the LNJ Bhilwara Group in Himachal.

JSW Neo has been rapidly expanding its renewable portfolio. It recently acquired O2 Power for Rs12,468 crore, adding 4.7 GW capacity, and bought Mytrah Energy in 2023 for Rs10,530 crore, adding 1.75 GW. With over 10 GW capacity now, this acquisition strengthens JSW’s foothold in the hydropower segment.