JSW Energy subsidiary acquires 100% shares in Tidong Hydro Power Plant

Mumbai, India, September 18, 2025: JSW Neo Energy Limited (JSW Neo), a wholly owned subsidiary of JSW Energy Limited has signed a definitive agreement to acquire 100% shares in Tidong Power Generation Private Limited (Tidong Power) from Statkraft IH Holding AS (Statkraft). The transaction is subject to regulatory and other customary approvals standard for a transaction of this size. The transaction values the asset at an Enterprise Valuation of approximately Rs 1,728 crores, subject to closing adjustments agreed under the share purchase agreement.

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 Oct-26 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 merchant market.

After this transaction, the Company’s locked-in generation capacity stands at 30.5 GW with hydro capacity of 1.8 GW hydro power, including current operational hydro capacity of 1.6 GW.

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Mr. Sharad Mahendra, Joint Managing Director and CEO of JSW Energy “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. 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. 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.

By combining our strengths, I am confident we will continue to deliver exceptional value to all our stakeholders.” Mr. Fernando de Lapuerta, Executive Vice President International in Statkraft“We are pleased with this transaction. JSW Energy is one of India’s largest independent power producers with experience in hydropower development and operations. We are confident that they will continue to develop and operate the Tidong hydropower plant with competence and commitment, contributing to India’s green energy transition. I am also glad that this offers new opportunities for our competent employees following the transaction.”

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JSW Energy has total locked-in generation capacity of 30.5 GW comprising of 13.1 GW operational, 12.8 GW under-construction across thermal and renewable and has 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 battery energy storage system of 3.0 GWh. The Company aims to reach 30 GW generation capacity and 40 GWh of energy storage capacity by FY 2030 and achieve Carbon Neutrality by 2050.

Talwar Thakore & Associates were the legal advisors, Grant Thorton carried out financial and tax due diligence and Tractebel Engineering carried out technical due diligence for JSW Neo Energy. Ernst & Young acted as sell-side M&A Banker with Cyril Amarchand Mangaldas acted as legal advisor for Statkraft.

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