JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, has entered into a definitive agreement to acquire 100% of the shares in Tidong Power Generation Private Limited from Statkraft IH Holding AS. The announcement was made through a stock exchange filing.

JSW Energy stated: “The transaction values the asset at an Enterprise Valuation of approximately INR 1,728 crores, subject to closing adjustments agreed under the share purchase agreement.” The acquisition will strengthen JSW Energy’s renewable portfolio, particularly in hydropower.

Tidong Power is currently developing a 150 megawatt (MW) run-of-river hydroelectric power project located in the Tidong Valley of Kinnaur district, Himachal Pradesh. The project operates under a 22-year power purchase agreement with Uttar Pradesh Power Corporation Ltd, securing supply of 75 MW of power during the months from May to October. According to project timelines, commissioning is expected in October 2026.

The acquisition is scheduled for completion on or before 15 January 2026, subject to conditions specified in the definitive agreements. Once finalized, JSW Energy’s total locked-in generation capacity will increase to 30.5 gigawatts (GW). Within this, hydropower capacity will rise to 1.8 GW, including its existing operational hydro capacity of 1.6 GW.

Several firms provided advisory support in the transaction. Talwar Thakore & Associates acted as legal advisors for JSW Neo Energy. Financial and tax due diligence was carried out by Grant Thornton, while Tractebel Engineering managed technical due diligence. On the sell side, Ernst & Young acted as M&A banker, with Cyril Amarchand Mangaldas serving as legal advisor to Statkraft.

This acquisition reflects JSW Energy’s continued investment in renewable energy and focus on expanding hydropower assets as part of its diversified generation portfolio. The Tidong project, once operational, is expected to contribute reliable clean energy to the regional grid and further strengthen JSW Energy’s presence in India’s growing renewable energy market.

by asian-power