Norwegian company Statkraft has acquired the 100MW Tidong hydropower project in the state of Himachal Pradesh (HP), in north-western India.
Located on Tidong River, a tributary of Sutlej River, the hydropower project is approximately 60% complete.
Statkraft’s executive vice president Jürgen Tzschoppe said: “We are very pleased to announce this deal, which positions Statkraft well for further growth in India, a core market for Statkraft.”
The hydropower project acquisition is made by buying 100% of the shares in NSL Tidong Power Generation Private Limited.
Statkraft said that acquisition is in line with the company’s strategy to develop renewable energy generation, building on it’s over 120 years of hydropower experience.
Currently, the company owns 49% stake in two hydropower assets in operation in Himachal Pradesh. The assets include 108MW Malana and 192MW Allain Duhangan.
Construction on the remaining portion of the Tidong hydropower project is expected to begin following the completion of the transaction. The remaining works are anticipated to be completed in approximately two years.
Statkraft said: “In preparation of the construction phase, special attention has been given to health and safety measures. This is one of the major execution risks for projects in remote mountainous regions.
“The Tidong project management team, where most of the key resources have experience from recent Statkraft construction projects, is handpicked to manage this risk, and have strengthened the project organization with additional HSE expertise.”
In August 2016, Statkraft started offering renewable power tracked by the International Renewable Energy Certificate Standard in India. The certificates were generated in cooperation with its Indian hydropower partner Malana Power Company.
As a major generator of renewable energy in Europe, Statkraft produces hydropower, wind power, solar power, gas-fired power and supplies district heating.