JSW Energy to Acquire Tidong Hydro Project for ₹1,728 Crore from Statkraft

19 Sep 2025 , 11:44 AM

JSW Energy has agreed to acquire Tidong Power Generation Pvt Ltd from Norway’s Statkraft IH Holding AS in a deal valued at ₹1,728 crore. The company said its subsidiary, JSW Neo Energy, signed the share purchase agreement late Thursday. The transaction is subject to regulatory clearances and customary closing conditions.

Tidong Power is building a 150 MW run-of-river hydroelectric project in the Tidong Valley of Kinnaur district, Himachal Pradesh. The plant is slated for commissioning by October 2026 and comes with a 22-year power purchase agreement with Uttar Pradesh Power Corporation Ltd (UPPCL) to supply 75 MW during May–October at a tariff of ₹5.57 per unit. The balance capacity of 75 MW is currently untied and can be sold on the merchant market.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said the acquisition would add depth to the company’s hydro portfolio. “We are confident of completing the project on schedule with the expertise gained from delivering the 240 MW Kutehr hydro plant. The skilled manpower from Tidong will also support our upcoming pumped hydro storage projects,” he noted.

Once completed, the acquisition will lift JSW Energy’s locked-in generation capacity to 30.5 GW, of which 1.8 GW is hydro. The company also has 29.4 GWh of energy storage projects under development, including 26.4 GWh of pumped hydro and 3 GWh of battery storage.

JSW Energy has set a target of achieving 30 GW generation and 40 GWh storage capacity by FY2030, and reaching carbon neutrality by 2050. Commenting on the deal, Statkraft’s Executive Vice President Fernando de Lapuerta said he was confident JSW would operate the Tidong project “with competence and commitment,” helping advance India’s clean energy transition.

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