Shares of JSW Energy Ltd rose 3 per cent in Friday’s trade after its subsidiary signed a deal to acquire Statkraft’s Tidong Power project in Himachal Pradesh.
On Friday, shares of JSW Energy jumped as much as 2.7 per cent to hit a day’s high of Rs 552.60 on the BSE, compared with the previous close of Rs 537.70. At 10:09 am, the stock was trading 1.57 per cent higher at Rs 546.15, taking the company’s market capitalisation to Rs 95,454 crore. Over the past three months, the scrip has jumped nearly 12 per cent.
In a stock exchange filing dated September 18, JSW Energy said its wholly owned arm JSW Neo Energy Limited has entered into a definitive agreement with Statkraft IH Holding AS to acquire 100 per cent equity in Tidong Power Generation Private Limited (TPGPL), which is developing a 150 MW run-of-river hydroelectric project in Kinnaur district of Himachal Pradesh.
The company said that the transaction is valued at an enterprise value of Rs 1,728 crore, subject to closing adjustments, and will be funded through cash. The deal is expected to be completed on or before January 15, 2026, subject to regulatory and lender approvals, including the Himachal Pradesh government’s nod for change in controlling shareholding.
According to the filing, “Upon consummation of the transaction, TPGPL will become a subsidiary of JSW Neo Energy and a step-down subsidiary of JSW Energy.”
Tidong Power has already tied up a 22-year Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation Ltd to supply 75 MW of power from May to October at a tariff of Rs 5.57 per unit. The remaining 75 MW capacity is currently untied and can be sold in the merchant market once commissioned, which is targeted for October 2026.
Post-acquisition, JSW Energy’s total locked-in generation capacity will rise to 30.5 GW, with 1.8 GW in hydropower alone, reinforcing its position as the largest private hydro power player in the country.
Sharad Mahendra, Joint MD & CEO of JSW Energy, said the deal strengthens the company’s foothold in the renewable space. “We are elated to announce the acquisition of 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,” he said.
The company highlighted that the Tidong deal will accelerate its target of reaching 30 GW generation capacity and 40 GWh storage capacity by FY30, with renewables contributing 70 per cent.
Statkraft, on its part, said the transaction offers continuity and new opportunities for its employees. “JSW Energy is one of India’s largest independent power producers with experience in hydropower development and operations. We are confident they will continue to develop and operate the Tidong hydropower plant with competence and commitment,” said Fernando de Lapuerta, EVP International at Statkraft.