M&A

M&A

JSW Neo acquires Statkraft’s hydropower unit in Himachal Pradesh for Rs.1,727-Cr

Economic Times  

Statkraft’s Himachal Pradesh-based hydropower unit has been acquired by JSW Neo Energy at an enterprise value of INR 1,727 crore. The unit is developing a 150 MW hydropower project along the Tidong tributary of the Sutlej River. The project infrastructure includes an 8 km-long headrace tunnel, a 110-metre-high surge shaft, a 1,200-metre-long pressure shaft, and a surface powerhouse.Statkraft, owned by the government of Norway, is exiting India and has placed all its assets for sale. The company had already incurred most of the capital expenditure for the Tidong Hydro Power project, estimated at around INR 2,000 crore. Earlier in the week, Serentica acquired Statkraft’s solar power generation business located in Rajasthan for an enterprise value between USD 220 and 250 million.JSW Neo Energy, a subsidiary of JSW Energy, has been expanding its renewable energy portfolio through acquisitions. It recently acquired O2 Power from Temasek and EQT for an enterprise value of INR 12,468 crore, adding 4.7 gigawatts of capacity. In 2023, it acquired Mytrah Energy with a capacity of 1.75 gigawatts for an enterprise value of INR 10,530 crore.