JSW Neo Energy, the renewable energy subsidiary of the JSW Group, has signed an agreement to acquire Statkraft’s 150 MW hydropower project in Himachal Pradesh for an enterprise value of ₹1,727 crore. The transaction marks a significant addition to JSW Neo’s renewable energy portfolio and is expected to aid India’s efforts to expand its clean energy capacity.
The Tidong project, situated on a tributary of the Sutlej River, is presently under construction and has achieved substantial progress on major civil works. The headrace tunnel, surge shaft, pressure tunnels, and other core infrastructure are already in place, which is likely to enable an expedited commissioning schedule under JSW Neo’s ownership.
Statkraft, the Norwegian state-owned power company, is in the process of exiting its generation business in India as part of its global realignment strategy. The sale of its Himachal asset concludes its presence in India’s hydropower sector.
Hydropower continues to play a crucial role in maintaining grid stability as India integrates increasing amounts of intermittent solar and wind power. The addition of dispatchable hydropower capacity is expected to improve reliability and provide balancing support for renewable generation.
Industry observers note that this acquisition aligns with the Government’s objective of achieving 500 GW of installed renewable energy capacity by 2030. The project’s timely completion will contribute to India’s low-carbon transition while also supporting regional economic activity in Himachal Pradesh.
The transaction underscores the increasing interest of private sector players in the hydropower segment, which had seen limited investments in the past decade due to regulatory and cost challenges.