JSW Energy to acquire Tidong Power from Norway firm for ₹1.7K crore

JSW Energy will acquire Tidong Hydro Project from Statkraft for ₹1,728 crore, boosting its hydro portfolio to 1.8 GW and reinforcing its clean energy expansion strategy

Sajjan Jindal-owned JSW Energy’s renewable arm, JSW Neo Energy, has agreed to acquire Tidong Power Generation from Norway’s Statkraft IH Holding in a ₹1,728 crore deal.

 

The deal would add a 150-megawatt (Mw) hydroelectric project in Himachal Pradesh for the Indian power producer, accelerating its clean energy expansion.

 

The transaction involves a 100 per cent acquisition of Tidong Power Generation by JSW Neo Energy. Tidong Power is building a run-of-river plant in Kinnaur district’s Tidong Valley.

 

The project is scheduled to commence operations in October 2026. It has a 22-year supply contract with the Uttar Pradesh Power Corporation for 75 Mw during the state’s peak summer and monsoon months, at a tariff of ₹5.57 per kilowatt-hour. The remaining 75 Mw remains untied and will be sold on the merchant market. 

 

The transaction, structured as an all-cash deal, is expected to close by January 15, next year, subject to regulatory and lender approvals.

 

Following the acquisition, JSW Energy’s total hydro portfolio will reach 1.8 gigawatt (Gw), strengthening its position as India’s largest private hydropower operator. The company currently has 13.1 Gw of operational capacity and 12.8 Gw under construction, with overall locked-in generation capacity of 30.5 Gw, and 29.4 gigawatt-hours (GWh) of energy storage.

 

“This acquisition strengthens our position as the largest private hydro power player in India and reinforces our commitment to India’s energy transition,” said Sharad Mahendra, joint managing director and chief executive officer of JSW Energy. He noted the company’s experience in completing the 240 Mw Kutehr hydro project and synergies with its Karcham-Wangtoo plant.

 

JSW Energy aims to scale its power generation capacity to 30 Gw and energy storage to 40 GWh by 2030, with 70 per cent of capacity coming from renewables, and has set a goal to become carbon neutral by 2050.

 

JSW Energy shares closed 1.4 per cent up at ₹545 a share.