JSW Energy has successfully completed a major acquisition in the hydropower sector, with its wholly-owned subsidiary JSW Neo Energy Limited acquiring Tidong Power Generation Private Limited from Statkraft IH Holding AS. The transaction, valued at ₹1728 crores excluding net current assets and other adjustments, represents a strategic expansion of the company's renewable energy portfolio.

Transaction Overview

The acquisition involves a 150 MW run-of-river hydro-electric power plant currently under construction in Tidong Valley, situated in Kinnaur district of Himachal Pradesh. Following the completion of necessary regulatory approvals, Tidong Power has become a subsidiary of JSW Neo Energy Limited and a step-down subsidiary of JSW Energy Limited.

Power Purchase Agreement Details

The project comes with a secured long-term Power Purchase Agreement with Uttar Pradesh Power Corporation Ltd, providing revenue certainty for a significant portion of the plant's capacity. The agreement covers 75 MW of power during the months of May to October at a tariff of ₹5.57/KWh. The remaining capacity of 75 MW is currently untied and can be sold on the merchant market, providing flexibility for revenue optimization.

Strategic Significance

This acquisition marks JSW Energy's fourth hydro asset in Himachal Pradesh, further reinforcing its position as India's largest private hydropower player. The project's proximity to the existing Karcham Wangtoo plant is expected to enable significant operational synergies. With the project in advanced stages of completion, it is anticipated to be value-accretive in the near term and enhance the company's EBITDA in FY27, supported by its remunerative tariff structure.

Company Portfolio Expansion

JSW Energy currently maintains a total locked-in generation capacity of 32.10 GW, comprising 13.30 GW operational capacity and 14.20 GW under-construction across thermal, hydro and renewable sources, with an additional pipeline of 4.60 GW. The company also has 29.60 GWh of locked-in energy storage capacity through hydro pumped storage projects of 26.40 GWh and battery energy storage system of 3.20 GWh.

Future Growth Targets

The company aims to reach 30 GW generation capacity and 40 GWh of energy storage capacity by 2030, while targeting Carbon Neutrality by 2050. This acquisition aligns with JSW Energy's strategic vision of expanding its renewable energy footprint and strengthening its position in the Indian power sector.

JSW Energy has issued an official clarification to stock exchanges categorically denying any significant nuclear power investment plans, directly contradicting earlier media reports that suggested the company was exploring nuclear portfolio development initiatives.

Official Exchange Communication

In response to BSE's request for clarification on media reports, JSW Energy submitted a formal communication addressing speculation about nuclear power investments. The company emphasized its commitment to evaluating various opportunities in the power sector as part of its stated energy sector growth strategy, but clarified that nuclear investments are not part of current plans.

Strategic Position Clarification

The company clarified that while it continues to evaluate various opportunities in the power sector in line with its energy sector growth strategy, no significant nuclear power investments are currently planned. This statement directly addresses earlier reports that had suggested JSW Energy was exploring large nuclear reactors from India and international sources as part of an ambitious nuclear portfolio development initiative.

JSW Energy assured stakeholders that it remains cognizant of its disclosure obligations and will inform exchanges with required details at the appropriate time should any strategic developments occur.

Regulatory Compliance Commitment

JSW Energy reaffirmed its consistent compliance with SEBI LODR Regulations provisions and commitment to making requisite disclosures in a timely manner. The company emphasized it will continue adhering to applicable regulations and maintain transparency with stakeholders regarding any future strategic developments.

This official clarification provides definitive clarity on the company's current strategic priorities in the power sector, ensuring accurate information reaches investors and market participants while addressing recent speculation about nuclear power expansion plans.