Europe’s largest generator of renewable energy, Statkraft said on Tuesday that it has acquired the 100 MW Tidong hydropower project in Himachal Pradesh, India.
The Tidong hydropower project is located on Tidong River, a tributary of Sutlej River, in Himachal Pradesh (HP).
The installed capacity of the project is 100 MW, although there is a possibility for further expansion that will be evaluated by Statkraft post acquisition of this plant.
The acquisition is in line with Statkraft’s strategy to develop renewable energy generation, building on Statkraft’s more than 120 years of hydropower experience.
“This investment is a sign of Statkraft’s commitment to the Indian power sector. We are excited by the prospects of this very dynamic and fast growing market and this acquisition places us in a very good position to tap the many opportunities present here,” said Bredo Erichsen, Managing Director and Country Head of Statkraft India.
The European energy major has a reasonably good presence in India’s hydropower sector. It has a 49 per cent shareholding in two hydropower operating assets in Himachal Pradesh: This includes the Malana (108 MW/340 GWh) and AllainDuhangan (192 MW/800 GWh projects.
The Tidong project is approximately 60 per cent complete. Construction works will resume immediately after the closing of the transaction.
“The remaining construction works are expected to be completed in approximately two years,” the company said while announcing the acquisition.
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.
The transaction is an acquisition of 100 per cent of the shares in NSL Tidong Power Generation Private Limited.
As Europe’s largest generator of renewable energy, Statkraft group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 3500 employees in 16 countries.
Currently, Writing a Book for Penguin India Titled Greased Pole:How Politics and Lobbying Stifled India's Energy Dreams. The author can be reached on firstname.lastname@example.org (9810661825)
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