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Bhilwara Energy to Acquire 76 MW Phata Byung Hydropower Project in Uttarakhand

Bhilwara Energy has signed an agreement to acquire a 100 percent stake in the 76 MW Phata Byung Hydroelectric Project in Uttarakhand, expanding its total hydro capacity to 375 MW and reinforcing its long-term commitment to building reliable, sustainable and indigenous renewable energy assets in support of India’s clean energy transition.

December 26, 2025. By News Bureau

LNJ Bhilwara Group has entered into a Share Purchase Agreement to acquire 100 percent equity shares of M/s Mandakini Jal Urja from M/s Statkraft IH Holding AS, subject to customary conditions precedent. Upon completion of the transaction, Bhilwara Energy will become the sole owner of the company, marking a significant step in strengthening its hydropower portfolio in India and also mark its presence in development of Hydro Power Project in Uttarakhand.

The acquisition includes the 76 MW Phata Byung Hydroelectric Project, a run-of-the-river hydroelectric project currently under construction and located in Rudraprayag district, Uttarakhand. The project is a strategic addition to Bhilwara Energy’s renewable portfolio and aligns with the Group’s long-term vision of developing reliable, sustainable and indigenous power generation assets across India.

Speaking about the development, Riju Jhunjhunwala, Managing Director, Bhilwara Energy, said, “This acquisition reﬂects LNJ Bhilwara Group’s continued commitment to building high-quality renewable energy assets that contribute meaningfully to India’s clean energy transition. This project strengthens our hydropower portfolio and reinforces our long-term approach of investing in dependable, environmentally responsible power infrastructure. We look forward to completing the transaction and accelerating the project towards timely commissioning.”

With this acquisition, Bhilwara Energy reinforces its commitment to expanding India’s renewable energy capacity through focused investments in hydropower and continues to play a meaningful role in advancing the country’s sustainable growth and clean energy objectives.

Commenting on the acquisition, Fernando de Lapuerta, Executive Vice President International, Statkraft, said, “This divestment is aligned with our global strategy to streamline the international portfolio and focus on select core markets. As we exit India, we are confident that Bhilwara Energy, our partners for two decades, has the capability and long-term vision to take the Phata Byung Hydroelectric Project forward and deliver value from the asset. I am also glad that this offers new opportunities for our competent employees following the transaction.”

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Bhilwara Energy

Phata Byung Hydropower Project

Clean energy transition

LNJ Bhilwara Group

M/s Mandakini Jal Urja