LNJ Bhilwara strengthens renewable energy portfolio by acquiring stake from Statkraft

LNJ Bhilwara Group, one of India's leading business conglomerates with a strong presence in the powersector, has successfully acquired Statkraft's 49 percent minority stake in Malana Power Company Limited. The acquisition makes Bhilwara Energy Limited of LNJ BhilwaraGroup the sole ownerof the Malana PowerCompany and marks a significant milestone in its journey of powering India's clean energy future.

The transaction includes Statkraft'sstake in the Malana Hydropower Plant (86 MW) and Allain Duhangan Hydropower Plant (192 MW), both located in Himachal Pradesh. These plants have been operated as 51:49 joint venture since 2004 and continue to supply flexible, clean energy to India's growing power demand.

Speaking aboutthe 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."

Commenting on the transaction, Fernando de Lapuerta, Executive Vice President International at Statkraft, said, "We are very pleased with this transaction. Our partnership with the LNJ Bhilwara Group has been a cornerstone of our Indian hydropower operations. These projects, when commissioned, paved the way for private sector investments in hydropower in India and have since contributed flexible clean energy to the fast-growing Indian grid and regional developmentin Himachal Pradesh." "Statkraftremains committed to playing a significant role in the global energy transition. By reallocating capital to core markets in Europe and South America, we are positioning ourselvesto deliver even greater value creation and impact," added de Lapuerta.

The transaction is in line with Statkraft's previously announced strategy to divest its India platform, allowing the Norwegian state-owned renewables company to sharpen its global focus on markets where it can achieve scale and long-term competitiveness.

LNJ Bhilwara Group has been at the forefront of India's hydropower sector for over two decades and continues to play a pivotal role in advancing renewable energy adoption in the country. With this acquisition,the Group strengthensits position in clean energy and reaffirms its commitment to contributing to India's sustainable growth story.

Source : Equity Bulls

Keywords

HEG LNJBhilwaraGroup Acquisition MalanaPowerCompany