New Delhi: JSW Energy Ltd has announced on Friday that its wholly-owned subsidiary, JSW Neo Energy Ltd, will acquire Tidong Power Generation Pvt Ltd, the company developing a 150 MW hydro power project in Himachal Pradesh, from Statkraft IH Holding AS.
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According to a stock exchange filing, the transaction has been valued at an enterprise consideration of Rs 1,728 crore, subject to closing adjustments. JSW Neo Energy will acquire 100 percent equity in Tidong Power. The deal is expected to be completed by January 15, 2026, once regulatory approvals, including clearance from the Himachal Pradesh government and lenders, are in place.
The company said the Tidong project is a run-of-river hydroelectric plant located in the Tidong Valley of Kinnaur district, with commissioning scheduled for October 2026. It has a 22-year power purchase agreement with Uttar Pradesh Power Corporation Ltd for 75 MW of supply during the May–October period at a tariff of Rs 5.57/kWh. The remaining 75 MW remains untied and can be sold on the merchant market.
Following completion, this will become JSW Energy’s fourth hydro asset and increase its hydro portfolio to 1.8 GW, including 1.6 GW of operational capacity.
In a statement, Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said the project strengthens the company’s position as the largest private hydro power player in India. “This acquisition further strengthens our position in Himachal Pradesh and reinforces our commitment to support India’s power sector. We are confident of completing the construction in a timely manner with our experience of delivering the fastest built greenfield 240 MW Kutehr hydro plant,” he said
He added that the company would also leverage the skilled workforce from Tidong Power for its upcoming pumped-hydro storage projects.
Statkraft’s Executive Vice President International, Fernando de Lapuerta, said the Norwegian firm was confident JSW Energy would develop and operate the project with “competence and commitment, contributing to India’s green energy transition.”
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JSW Energy said the acquisition is aligned with its plan to expand generation capacity to 30 GW and storage capacity to 40 GWh by FY 2030, with renewables contributing 70 percent. With this addition, JSW’s locked-in capacity rises to 30.5 GW, including 13.1 GW operational and 12.8 GW under construction.
