JSW Neo Energy to acquire Tidong Power for 150 MW hydro project

JSW Energy Limited has announced that its subsidiary, JSW Neo Energy Limited, has signed a definitive agreement to acquire Tidong Power Generation Private Limited, which is developing a 150 megawatt (MW) run-of-river hydro project in Himachal Pradesh.

The acquisition involves 100 per cent equity purchase from Statkraft IH Holding AS at an enterprise value of Rs 1,728 crore, subject to adjustments outlined in the share purchase agreement. The deal is expected to close on or before 15 January 2026, pending approvals from the Government of Himachal Pradesh and lenders, as well as other customary conditions.

Tidong Power is constructing the project in the Kinnaur district, with commissioning targeted for October 2026. Of the total capacity, 75 MW is tied under a power purchase agreement with Uttar Pradesh Power Corporation Limited, while the balance 75 MW remains uncontracted.

JSW Energy stated that the acquisition aligns with its plan to expand its generation capacity to 30 gigawatts (GW) and energy storage to 40 gigawatt-hours (GWh) by fiscal year 2030. Following completion, Tidong Power will operate as a step-down subsidiary of JSW Energy.