JSW Neo buys Statkraft hydro power unit in Himachal for ₹ 1,727 cr
ET had first reported in its Wednesday edition that JSW Neo Energy had emerged the frontrunner to acquire the unit outbidding KKR-backed Serentica Renewables and Torrent Power. The unit is developing a 150 MW hydro power project along the Tidong tributary of Sutlej River in Himachal Pradesh.
Statkraft is said to have already incurred majority of the project capital expenditure of around ₹2,000 crore in Tidong Hydro Power. The physical attributes of the project include an 8 km-long head race tunnel built through mountainous terrain that will convey water to the power station, a 110 meter high surge shaft, a 1,200 meter long pressure shaft and a surface power house.Norway government-owned Statkraft is exiting India and has put all its assets on the block.Serentica acquired the solar power generation business of Statkraft for an enterprise value of $220-250 million earlier this week, outbidding Blackstone. Its solar assets are located in Rajasthan.ET had first reported about the deal in its September 15 edition.JSW Neo is an arm of JSW Energy, which houses the renewable energy generation business of the Sajjan Jindal-led JSW group. It has been augmenting its energy generation capacity through acquisitions and organically.
It recently completed the acquisition of O2 power from Temasek and EQT for an enterprise value of ₹12,468 crore.
That acquisition added 4.7 gigawatts of capacity. It had also acquired the 1.75 gigawatts Mytrah Energy for an enterprise value of ₹10,530 crore in 2023.
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