Statkraft signs agreement to sell hydropower project in India to JSW Energy Ltd

Core Viewpoint - Statkraft has signed an agreement to sell the Tidong hydropower project in Himachal Pradesh to JSW Energy Ltd, marking a significant step in Statkraft's divestment of its India portfolio and reinforcing JSW Energy's position in the Indian hydropower sector [1][4]. Company Overview - Statkraft is Europe's largest producer of renewable energy and has a diversified portfolio in hydropower, wind, solar, and gas-fired power, with operations in over 20 countries and approximately 7,000 employees [7]. - JSW Energy Ltd is a leading private sector power producer in India, part of the USD 23 billion JSW Group, and aims to achieve a total power generation capacity of 30 GW by 2030 [6]. Transaction Details - The Tidong hydropower project is a 150 MW run-of-river plant currently under construction, expected to be operational by 2026 [1]. - The acquisition of Tidong marks JSW Energy's fourth hydro asset and strengthens its position as the largest private hydropower player in India [3]. Strategic Implications - Statkraft's divestment aligns with its strategy to focus investments on select markets in Europe and South America, enhancing competitiveness [4]. - JSW Energy plans to leverage the skilled manpower from the Tidong project for future pumped-hydro storage projects, indicating a strategic approach to resource utilization [3].