JSW Neo Energy Acquires Tidong Hydro Plant

New Delhi, Sep 19 (PTI) JSW Energy on Thursday said its wholly-owned subsidiary, JSW Neo Energy, has signed a pact with Statkraft IH Holding AS to acquire 100 per cent equity shares of Tidong Power Generation for Rs 1,728 crore.

The transaction is subject to the receipt of necessary regulatory approvals and other customary conditions under the definitive agreement, JSW Energy said in a regulatory filing late on Thursday.

The transaction values the asset at an enterprise valuation of approximately Rs 1,728 crore, subject to closing adjustments agreed under the share purchase agreement, it said.

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 a 22-year Power Purchase Agreement remaining with Uttar Pradesh Power Corporation Ltd to procure 75 MW power during the months of May to October at a tariff of Rs 5.57/KWh.

The remaining capacity of 75 MW is currently untied and can be sold on the merchant market, the statement said.

"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 Karcham-Wangtoo Hydro plant," Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said.

"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," Mahendra added.

After this transaction, the company's locked-in generation capacity stood at 30.5 GW, with hydro capacity of 1.8 GW, including current operational hydro capacity of 1.6 GW.

"We are confident that they (JSW Energy) will continue to develop and operate the Tidong hydropower plant with competence and commitment, contributing to India's green energy transition," Fernando de Lapuerta, Executive Vice President International in Statkraft, said.

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 3.0 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.