JSW Energy Arm to Acquire 150 MW Tidong Hydro Power Plant from Statkraft in INR 1,728 Cr Deal
JSW Neo Energy, a wholly-owned arm of JSW Energy, has inked a deal to acquire Tidong Power Generation and its under-construction 150 MW hydro project in Himachal Pradesh from Statkraft for about INR 1,728 crore.
September 19, 2025. By Mrinmoy Dey
Tidong Power is constructing a 150 MW run-of-river hydro-electric power plant in Tidong Valley situated in Kinnaur district of Himachal Pradesh. The plant is expected to be commissioned in October 2026 and has about a 22-year Power Purchase Agreement remaining with Uttar Pradesh Power Corporation to procure 75 MW power during the months of May to October at a tariff of INR 5.57/kWh. The remaining capacity of 75 MW is currently untied and can be sold on the merchant market.
After this transaction, the company's locked-in generation capacity stands at 30.5 GW with hydro capacity of 1.8 GW, including current operational hydro capacity of 1.6 GW.
Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said, “We are elated to announce the acquisition of the Tidong hydro plant, our fourth hydro asset and a significant addition to our hydro portfolio in Himachal Pradesh. This acquisition further strengthens our position as the largest private hydro power player in India 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, and deriving synergies through the Karcham-Wangtoo Hydro plant.”
He further added, “This acquisition also brings on board a team of skilled manpower with experience in hydro-power project execution, expertise we can leverage for the development of our upcoming pumped-hydro storage projects.”
Fernando de Lapuerta, Executive Vice President International in Statkraft, remarked, “We are pleased with this transaction. JSW Energy is one of India’s largest independent power producers with experience in hydropower development and operations. We are confident that they will continue to develop and operate the Tidong hydropower plant with competence and commitment, contributing to India’s green energy transition. I am also glad that this offers new opportunities for our competent employees following the transaction.”
JSW Energy has a total locked-in generation capacity of 30.5 GW, comprising 13.1 GW operational, 12.8 GW under-construction across thermal and renewable and has a pipeline of 4.6 GW. The company also has 29.4 GWh of locked-in energy storage capacity through hydro pumped storage projects of 26.4 GWh and a battery energy storage system of 3 GWh. The Company aims to reach 30 GW of generation capacity and 40 GWh of energy storage capacity by FY 2030 and achieve Carbon Neutrality by 2050.
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