Statkraft AS has signed an agreement to sell the under-construction 150-megawatt (MW) run-of-river Tidong hydropower plant in Himachal Pradesh, expected to start operations 2026, to Indian power producer JSW Energy Ltd.
The Norwegian state-owned renewable power is exiting the South Asian country and has announced a spate of transactions transferring its assets to local companies.
“This acquisition further strengthens our position as the largest private hydro power player in India and reinforces our commitment to support India’s power sector”, JSW Energy chief executive Sharad Mahendra said in a statement published by Statkraft, noting the Tidong project would become JSW Energy’s fourth hydropower facility.
“We are confident of completing the construction in a timely manner with our experience of delivering the fastest built greenfield 240-MW Kutehr hydro plant, and deriving synergies through Karcham-Wangtoo Hydro plant.
“This acquisition also brings on board a team of skilled manpower with experience in hydropower project execution, expertise we can leverage for the development of our upcoming pumped-hydro storage projects”.
The statement added, “The company [JSW Energy] is presently constructing various power projects to the tune of 12.8 GW, with a vision to achieve a total power generation capacity of 30 GW by 2030”.
Last year Statkraft said it would sell its hydro and solar assets in India, as well as its onshore wind, solar and battery business in the Netherlands and Croatia, to focus on “high-potential markets in the Nordics, Europe and South America”.
“Statkraft has a profitable portfolio of renewable energy assets in operation, and an attractive project portfolio and organizational capabilities in India. However, realizing further sustainable growth in the country will require major investments”, Statkraft president and chief executive Birgitte Ringstad Vartdal said in a statement October 23, 2024.
“Outside Europe we will dedicate new investments to South America, where the opportunities to achieve scale and leverage our core capabilities are strong”.
Earlier this month Statkraft said it had signed a deal to sell a portfolio totaling 1,500 megawatts peak (MWp) in Rajasthan state to Indian company Serentica Renewables. The assets consist of the 445-MWp Khidrat solar plant, which went online earlier this year, and solar and wind projects in different stages of development with an estimated generation of 1,000 MWp.
For affected workers, the sale to Serentica Renewables “offers new opportunities for our competent employees”, Statkraft international executive vice president, said in a statement September 15.
On September 9 Statkraft said it had completed the sale of its 49 percent stake in Malana Power Co to partner LNJ Bhilwara Group. With the transaction, Statkraft exited the 192-MW Allain Duhangan hydropower plant and the 86-MW Malana hydropower plant, both in Himachal Pradesh.
To contact the author, email jov.onsat@rigzone.com
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