Statkraft has divested its 49% stake in Indian hydro joint venture Malana Power Company to its long-standing partner LNJ Bhilwara Group.
The sale comprises Statkraft’s minority stake in the Malana Power Company and includes the 86MW Malana hydropower plant (pictured) and the 192MW Allain Duhangan hydro plant, both located in Himachal Pradesh.
The plants have been operated as 49:51 joint ventures between Statkraft and the LNJ Bhilwara Group since 2004.
“We are very pleased with this transaction,” said Fernando de Lapuerta, executive vice president (international) at Statkraft. “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.”
Bhilwara Energy’s managing director Riju Jhunjhunwala added: “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 the Norwegian state-owned company’s strategy to focus investments on markets where it can build scale and long-term competitiveness.
“Statkraft remains committed to play a significant role in the global energy transition,” said de Lapuerta. “By reallocating capital to core markets in Europe and South America, we are positioning ourselves to deliver even greater value creation and impact.”