JSW Neo Energy completes Tidong hydro acquisition

JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, has completed the acquisition of Tidong Power Generation Private Limited from Statkraft IH Holding AS. The transaction, with an enterprise valuation of approximately Rs 1,728 crore, was completed on January 29, 2026, after receiving the required regulatory approvals.

Tidong Power is developing a 150 MW run of river hydroelectric project in the Tidong Valley in the Kinnaur district of Himachal Pradesh. The project is scheduled for commissioning in October 2026. It has a long term Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation Ltd (UPPCL) for 75 MW during the months from May to October at a tariff of Rs 5.57 per kWh. The balance 75 MW capacity remains uncontracted and is available for sale in the merchant market.

The acquisition marks JSW Energy Limited’s fourth hydropower asset in Himachal Pradesh and strengthens its position as India’s largest private sector hydropower producer. The company expects the project to support earnings in the near term and add to earnings before interest, tax, depreciation and amortisation (EBITDA) from the 2027 financial year. Operational synergies are expected due to the proximity of the Tidong project to JSW’s existing Karcham Wangtoo plant.

Following the acquisition, JSW Energy has a total locked in generation capacity of 32.1 GW. This includes 13.3 GW of operational capacity and 14.2 GW under construction across thermal, hydro and renewable segments. The company has also secured 29.6 GWh of energy storage capacity through pumped hydro and battery storage projects. JSW Energy has set targets of 30 GW of generation capacity and 40 GWh of energy storage by 2030, along with a commitment to achieve carbon neutrality by 2050.