Renewable energy producer Statkraft has completed the divestment of its 49% minority stake in the hydropower joint venture (JV) Malana Power Company to the Indian conglomerate LNJ Bhilwara Group.
The sale encompasses Statkraft’s interests in the 86MW Malana and 192MW Allain Duhangan hydropower plants, both situated in Himachal Pradesh, India.
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These plants were jointly managed by Statkraft and LNJ Bhilwara Group since 2004 under a 49:51 ownership structure.
With the deal now complete, Bhilwara Energy, a subsidiary of LNJ Bhilwara Group, becomes the sole owner of the hydropower assets.
Statkraft international executive vice-president Fernando de Lapuerta said: “Our partnership with the LNJ Bhilwara Group has been a cornerstone of our Indian hydropower operations.
“We are confident they will continue to operate these assets with commitment and dedication, contributing to clean energy generation and sustainable regional development.”
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By GlobalDataThis transaction is part of Statkraft’s previously declared strategy to divest its Indian operations, reflecting its focus on investments in markets where it can achieve scale and sustain long-term competitiveness.
de Lapuerta added: “Statkraft remains committed to play a significant role in the global energy transition. By reallocating capital to core markets in Europe and South America, we are positioning ourselves to deliver even greater value creation and impact.”
Statkraft, a Norwegian state-owned company, first entered the Indian market in 2004 through its JV with SN Power, marking the first foreign investment in India’s hydropower sector.
Earlier this year, Statkraft signed a deal to sell its Colombian renewables portfolio to Ecopetrol, Colombia’s national oil company.
The deal, expected to close this quarter, includes the transfer of personnel, eight projects in development, and the 130MW Portón del Sol solar plant.
