JSW Energy, through its subsidiary JSW Neo Energy, has signed an agreement to acquire 100% equity shares of Tidong Power Generation Private Limited for an enterprise value of INR 1,728 crores. The 150 MW under-construction hydro project is located in Himachal Pradesh and is expected to be commissioned by October 2026. The acquisition will help JSW Energy achieve its renewable-led capacity growth target of 30 GW by FY2030.
Acquisition Overview
JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy, has entered into an agreement to acquire 100% of Tidong Power Generation Private Limited from Statkraft IH Holding AS. This was announced on September 18, 2025. The transaction is valued at an enterprise value of INR 1,728 crores, subject to closing adjustments.
Project Details and Location
The acquired entity, Tidong Power Generation Private Limited, owns a 150 MW run-of-river hydro-electric power plant under construction in the Tidong Valley, Kinnaur district of Himachal Pradesh. The project’s commissioning is anticipated in October 2026.
Power Purchase Agreement
The Tidong project has a remaining ~22-year Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation Ltd to supply 75 MW of power during May to October at a tariff of ₹5.57/KWh. The remaining 75 MW capacity is currently untied.
Strategic Rationale
This acquisition supports JSW Energy’s target to reach 30 GW generation capacity and 40 GWh of storage capacity by FY2030, with renewable energy generation accounting for 70%. The hydro asset will be integrated into JSW Neo Energy Limited’s portfolio.
Financial Performance
Revenue from operations (cumulative) for Tidong Power Generation Private Limited:
- FY 2023: INR 36.6 crores (audited)
- FY 2024: INR 37.1 crores (audited)
- FY 2025: INR 39.0 crores (unaudited)
Approvals and Timeline
The acquisition is expected to be completed on or before January 15, 2026, subject to necessary regulatory approvals, including from the Government of Himachal Pradesh for the change in controlling shareholding, and lender approvals.
Source: BSE
