Bhilwara Energy to acquire Statkraft’s 76 MW Phata Byung hydro project

Bhilwara Energy Limited, the power arm of LNJ Bhilwara Group, has agreed to acquire full ownership of Mandakini Jal Urja Private Limited from Statkraft IH Holding AS. The transaction covers the under-construction 76 MW Phata Byung Hydroelectric Project in Uttarakhand and strengthens the Group’s position in the hydropower segment.

The acquisition has been executed through a Share Purchase Agreement for 100 per cent equity and remains subject to standard closing conditions. Upon completion, Bhilwara Energy will assume full responsibility for the run-of-the-river project located in the Rudraprayag district. This development will raise the company’s total hydropower capacity to 375 MW.

Riju Jhunjhunwala, Managing Director of Bhilwara Energy, said the acquisition marks an important expansion of the company’s hydropower portfolio. He added that hydropower plays a key role in developing reliable and sustainable domestic power infrastructure and aligns with the Group’s commitment to India’s energy transition.

From the seller’s side, Fernando de Lapuerta, Executive Vice President International at Statkraft, said the divestment supports Statkraft’s broader global strategy to optimise its international portfolio and focus on priority markets. He expressed confidence in Bhilwara Energy’s ability to deliver the project, referencing the nearly two-decade association between the companies, and noted that the transition is expected to create new opportunities for existing employees.

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