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JSW Neo Energy, the subsidiary of JSW Energy, has signed an agreement to acquire Tidong Power Generation from Statkraft IH Holding for INR 1,728 crore. The under-construction 150 MW run-of-river hydroelectric project in Himachal Pradesh has a 22-year Power Purchase Agreement with Uttar Pradesh Power Corporation Ltd for 75 MW at INR 5.57 per kWh during the May to October period. The remaining 75 MW is untied and can be sold on the merchant market. The transaction is subject to approvals and expected to close in the coming months.
JSW Neo Energy, a wholly owned arm of JSW Energy, has entered into a definitive agreement with Statkraft IH Holding AS to purchase all equity shares of Tidong Power Generation for INR 1,728 crore. The company said the acquisition is subject to regulatory approvals and customary closing requirements. Advertisement
Tidong Power is developing a 150 MW run-of-river hydroelectric project in Tidong Valley, Kinnaur district, Himachal Pradesh. The plant is still under construction and is scheduled to be commissioned by October 2026.
The project has a Power Purchase Agreement valid for another 22 years with Uttar Pradesh Power Corporation Ltd to supply 75 MW between May and October each year at a tariff of INR 5.57 per kWh. The balance 75 MW capacity remains untied, giving JSW the flexibility to sell it in the merchant power market.
JSW Energy's joint managing director and chief executive officer, Sharad Mahendra, said the company expects to complete the project within the planned timeline, supported by its track record of constructing the 240 MW Kutehr greenfield hydro plant and operating the Karcham-Wangtoo plant. He also noted that the acquisition would bring in an experienced workforce, which can be utilised for the company's upcoming pumped-storage projects.
Following this deal, JSW Energy's total locked-in generation capacity will stand at 30.5 GW. Out of this, hydro capacity will be 1.8 GW, including 1.6 GW already operational. The company also has locked-in storage capacity of 29.4 GWh, comprising 26.4 GWh in hydro pumped storage and 3.0 GWh in battery storage.
Statkraft, the seller, stated that JSW Energy would take forward the Tidong project with competence and contribute to India's clean energy transition. The company has been gradually reducing its presence in India and focusing more on markets where it sees larger growth opportunities, particularly in Europe and South America.
Tidong Power Generation recorded revenues of INR 36.6 crore in FY23, INR 37.1 crore in FY24, and approximately INR 39 crore (unaudited) in FY25.
JSW Energy currently has 13.1 GW of operational generation capacity and another 12.8 GW under construction, spread across thermal and renewable projects. The company also has a development pipeline of 4.6 GW. Its target is to reach 30 GW of total generation capacity and 40 GWh of energy storage capacity by FY 2030 and to achieve carbon neutrality by 2050.
Source - PTI
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