LNJ Bhilwara Buys Out Statkraft's 49% Stake in Hydro Power JV

New Delhi: The LNJ Bhilwara Group has bought out Statkraft's 49% stake in a hydro power JV for an undisclosed sum, the company said in mandatory filings with exchanges. The buyout vehicle for Malana Power Co was the LNJ Bhilwara group entity HEG.Norway government-owned Statkraft is exiting India and has put all its assets on the block. The company is the largest renewable power generator in Europe.The likes of Blackstone, JSW Energy, KKR-backed Serentica Renewables, Torrent and Adani Green Energy are amongst bidders for its other India assets, ET first reported on 7 August. The other assets on sale include wind and solar projects and hydro power plants."As we assume complete ownership of the Malana Power Company assets, LNJ Bhilwara Group is strategically positioned to scale its presence in the power sale business and actively explore new opportunities in renewable energy, with growth and technology at the core," said Riju Jhunjhunwala, managing director, Bhilwara Energy.

Malana Power Company has 2 plants with capacity of around 300 megawatts, both located in Himachal Pradesh. These plants have been operated as 51:49 joint venture since 2004 and continue to supply flexible, clean energy to India's growing power demand, as per the release.