Statkraft divests minority stake in Indian hydropower joint venture to LNJ Bhilwara Group

The transaction marks a strategic step in Statkraft’s sharpened global focus and commitment to optimizing its portfolio through selective divestments, including of its portfolio in India.  

“We are very pleased with this transaction. 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,” says Fernando de Lapuerta, Executive Vice President International in Statkraft.  

The sale comprises Statkraft’s stake in the Malana Power Company and includes the Malana hydropower plant (86 MW) and the Allain Duhangan hydropower plant (192 MW), both located in Himachal Pradesh. The plants have successfully been operated as 49:51 joint ventures between Statkraft and the LNJ Bhilwara Group since 2004.  

Speaking about the development, Mr. Riju Jhunjhunwala, Managing Director, Bhilwara Energy, said, “Our long-standing partnership with Statkraft has been one of mutual learning and shared commitment to excellence. As we assume complete ownership of the Malana Power Company assets, LNJ Bhilwara Group is strategically positioned to scale its presence in the power sale business and actively explore new opportunities in renewable energy, with growth and technology at the core. I would like to extend my gratitude to every member of Statkraft and LNJ Bhilwara Group for their contribution to these projects over the years.” 
 

The transaction is part of the Statkraft’s previously announced plan to divest its India platform and reflects Statkraft sharpened strategy to focus investments on markets where the company can build scale and long-term competitiveness.  

“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,” says de Lapuerta. 

The Norwegian state-owned renewables company Statkraft entered the Indian market through its ownership in the joint venture SN Power in 2004. SN Power was the first foreign investor in the country’s hydropower sector. Over two decades, Statkraft built a diversified renewable energy portfolio, including solar, wind, and hydro assets and power trading across multiple states in India.  

LNJ Bhilwara Group is an Indian business conglomerate, consisting of 17 companies with 21 manufacturing units and 9 marketing offices spread across textile, power, graphite electrode, info technology sectors.