By Mohit Bhalla
Copyright indiatimes
JSW Neo Energy has emerged the frontrunner to buy Statkraft’s Himachal Pradesh hydro power unit that houses a project on the Tidong tributary of the Sutlej River, said sources familiar with the matter. Its offer pegs the enterprise value of the unit at ₹1,200-1,400 crore, they said. A deal could be signed within days.KKR-backed Serentica Renewables and Torrent Power had also made offers for the hydro power unit, as per the sources.Statkraft is said to have already incurred the majority of the project capital expenditure of around ₹2,000 crore. The project is being set up with a capacity to generate 150 MW of power though it is not yet operational. The physical attributes of the project include an 8 km-long head race tunnel built through mountainous terrain that will convey water to the power station, a 110 metre high surge shaft, a 1,200 metre long pressure shaft and a surface power house.Norway government-owned Statkraft is exiting India and has put all its assets on the block.Live EventsSerentica acquired the solar power generation business of Statkraft for an enterprise value of $220-250 million earlier this week, outbidding Blackstone. Its solar assets are located in Rajasthan.Statkraft is a leading hydropower company internationally and Europe’s largest generator of renewable energy. The group produces hydropower, wind power, solar power, gas-fired power and supplies district heating.The India exit is part of a global realignment wherein it will focus on its home market of Europe.Statkraft has also exited its 49:51 joint venture (JV) with LNJ Bhilwara group that operated two hydro power projects in Himachal Pradesh’s Malana last week. It sold its 49% interest to JV partner LNJ Bhilwara for an undisclosed sum.JSW Neo is an arm of JSW Energy, which houses the renewable energy generation business of the Sajjan Jindal-led JSW group. It has been augmenting its energy generation capacity through acquisitions and organically.It recently completed the acquisition of O2 power from Temasek and EQT for an enterprise value of ₹12,468 crore. That acquisition added 4.7 gigawatts of capacity. It had also acquired the 1.75 gigawatts Mytrah Energy for an enterprise value of ₹10,530 crore in 2023. The company has over 10 gigawatts of energy generation capacity.Add as a Reliable and Trusted News Source Add Now!
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