Statkraft Sells 49% Stake in Indian Hydropower JV

Statkraft, a Norway-based renewable energy producer, has finalized the sale of its 49% minority stake in the hydropower joint venture Malana Power Company to Indian conglomerate LNJ Bhilwara Group. The agreement transfers Statkraft’s share in two hydropower plants in Himachal Pradesh, India—the 86MW Malana facility and the 192MW Allain Duhangan facility.

The two plants had been jointly managed by Statkraft and LNJ Bhilwara Group since 2004 under a 49:51 ownership arrangement. With this transaction complete, Bhilwara Energy, a subsidiary of LNJ Bhilwara Group, assumes full ownership of the assets, consolidating its position in India’s renewable power sector.

Fernando de Lapuerta, Statkraft’s international executive vice-president, said: “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.”

The divestment reflects Statkraft’s strategic plan to gradually exit Indian operations and focus its resources on regions where it aims to achieve greater scale and competitiveness. De Lapuerta added: “Statkraft remains committed to play a significant role in the global energy transition. By reallocating capital to core markets in Europe and South America, we are positioning ourselves to deliver even greater value creation and impact.”

Statkraft first entered India in 2004 through a joint venture with SN Power, marking the first foreign investment in India’s hydropower industry. Over the years, the partnership with LNJ Bhilwara supported the development and operation of projects that have contributed to the region’s renewable power capacity.

This transaction follows other steps Statkraft has taken to streamline its global portfolio. Earlier in 2025, the company announced the sale of its Colombian renewable energy assets to Ecopetrol, Colombia’s national oil company. That deal, expected to conclude within this quarter, includes the transfer of personnel, eight renewable projects under development, and the 130MW Portón del Sol solar facility.

For LNJ Bhilwara Group, full ownership of Malana Power Company represents an opportunity to strengthen its presence in India’s hydropower market and advance its commitment to clean energy. The group, through Bhilwara Energy, will now manage and operate the Himachal Pradesh plants independently, continuing to provide renewable electricity to the region.

For Statkraft, the sale is consistent with its long-term approach of concentrating on markets where it can leverage scale advantages and competitive positioning. By refocusing on Europe and South America, the company aims to enhance its role in the energy transition, emphasizing hydropower, wind, and solar projects in regions aligned with its growth strategy.

The divestment of Statkraft’s Indian stake marks the end of a two-decade partnership with LNJ Bhilwara Group, while reinforcing both companies’ priorities: localized renewable energy growth for LNJ Bhilwara and global portfolio optimization for Statkraft.