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JSW Neo Energy to Acquire 150 MW Himachal Hydro Project

2025-09-23

JSW Energy’s subsidiary, JSW Neo Energy, has announced plans to acquire 100 per cent equity in Tidong Power Generation Private Limited (TPGPL). In a regulatory filing on Thursday, the company stated that it has signed a definitive agreement with Statkraft IH Holding AS for the acquisition, at an enterprise value of Rs 17.28 billion. Tidong Power Generation is developing a 150 MW hydroelectric project in Himachal Pradesh.

The transaction is subject to customary closing adjustments and is expected to be completed by 15 January 2026, once necessary approvals are obtained. These include clearance from the Government of Himachal Pradesh for change in controlling shareholding and approvals from lenders. Following completion, TPGPL will become a subsidiary of JSW Neo Energy and a step-down subsidiary of JSW Energy.

JSW Energy aims to achieve 30 GW of generation capacity and 40 GWh of storage by FY30, with renewables comprising 70 per cent of its portfolio. The company stated that the acquisition would support its renewable-led capacity growth target.

Tidong Power Generation, incorporated in 2008, reported revenues of Rs 366 million in FY23, Rs 371 million in FY24, and Rs 390 million in FY25 (unaudited). JSW Energy’s share price has risen 2.84 per cent over the past month.

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