Image Source: JSW Group, CC BY-SA 2.0, via Wikimedia Commons
JSW Neo Energy Limited, a fully owned arm of JSW Energy Limited, has taken a significant step to strengthen its renewable energy portfolio by entering into an agreement to purchase Tidong Power Generation Private Limited.
The deal, struck with Statkraft IH Holding AS, involves the acquisition of 100% of the company’s equity shares.
The transaction values the asset at an enterprise valuation of approximately ₹1,728 crores, subject to closing adjustments as outlined in the share purchase agreement. The consideration for the acquisition will be paid in cash.
The deal is currently subject to necessary regulatory approvals, including from the Government of Himachal Pradesh and lenders, and is expected to be completed on or before 15 January 2026.
Details of the Acquired Asset
The core asset in this acquisition is a 150 MW under-construction, run-of-river hydro-electric power plant located in the Tidong Valley in Himachal Pradesh’s Kinnaur district.
Tidong Power Generation Private Limited, which was incorporated in India on 29 April 2008, is primarily focused on the development of this project. The plant is expected to be commissioned in October 2026.
The project already has a ~22-year Power Purchase Agreement with Uttar Pradesh Power Corporation Ltd to procure 75 MW of its capacity during the months of May to October at a tariff of ₹5.57/KWh.
The remaining 75 MW is currently untied, providing the flexibility to be sold on the merchant market.
For the fiscal year 2025, the target company reported unaudited revenue from operations of ₹39 crores.
Strategic Impact for JSW Energy
This acquisition is a significant step in JSW Energy’s strategic plan to achieve its ambitious growth targets. The company aims to reach a generation capacity of 30 GW and an energy storage capacity of 40 GWh by the 2030 financial year.
This move will help increase the share of renewable energy in its portfolio to 70% by 2030.
Following the transaction, JSW Energy’s total locked-in generation capacity will stand at 30.5 GW, with its hydro capacity rising to 1.8 GW.
This formal disclosure was submitted to the National Stock Exchange of India and BSE Limited.
It was signed for JSW Energy Limited by Monica Chopra, Company Secretary, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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