JSW Energy arm to acquire 150 MW hydro project in Himacha Pradesh for Rs1,728 crore

JSW Energy’s subsidiary JSW Neo Energy will acquire 100% equity in Tidong Power Generation Private for Rs 1,728 crore. The 150 MW hydro project in Himachal Pradesh will boost JSW Energy’s renewable capacity roadmap to 30 GW by FY30.

Written by FE Business

Updated: September 19, 2025 09:38 IST

JSW Energy arm to acquire Tidong Power’s 150 MW hydro project in Himachal for Rs 1,728 crore

JSW Energy’s subsidiary, JSW Neo Energy, is set to acquire 100% equity in Tidong Power Generation Private (TPGPL). In a regulatory filing on Thursday, the company announced that it has signed a definitive agreement with Statkraft IH Holding AS to acquire the entity at an enterprise value of Rs 1,728 crore. Tidong Power Generation is developing a 150 MW hydroelectric power project in Himachal Pradesh.

The transaction value is subject to customary closing adjustments. The acquisition is expected to be completed by January 15, 2026, once the necessary approvals are in place.

TPGPL to become JSW Energy step-down subsidiary

The deal will require approvals from the Government of Himachal Pradesh for a change in controlling shareholding and clearances from lenders. Once completed, TPGPL will become a subsidiary of JSW Neo Energy and a step-down subsidiary of JSW Energy.

Acquisition aligns with JSW Energy’s 30 GW expansion plan

JSW Energy has set a target of reaching 30 GW generation capacity and 40 GWh of storage capacity by FY30, with renewables making up 70% of its portfolio. “The acquisition would help the company in achieving its renewable-led capacity growth target of 30 GW by FY 2030,” JSW Energy said in its exchange filing.
Revenue trends over three years

Tidong Power Generation was incorporated in 2008 for developing the hydro project in Himachal Pradesh. Its revenue from operations stood at Rs 36.6 crore in FY23, Rs 37.1 crore in FY24, and Rs 39 crore in FY25 (unaudited).