Bhilwara Energy Acquires 76 MW Hydroelectric Project in Uttarakhand
Filing Summary
Bhilwara Energy Limited, an associate company of HEG Ltd, has announced the acquisition of a 100% stake in the 76 MW Phata Byung Hydroelectric Project in Uttarakhand. The acquisition is part of a share purchase agreement with Statkraft IH Holding AS. This transaction will increase Bhilwara Energy’s total hydro capacity to 375 MW. The project is currently under construction in the Rudraprayag district. The acquisition aligns with Bhilwara Energy’s strategy to expand its renewable energy portfolio in India. The transaction is subject to customary conditions precedent.
Bhilwara Energy Limited, an associate company of HEG Ltd, has entered into a share purchase agreement to acquire a 100% equity stake in the 76 MW Phata Byung Hydroelectric Project. The project is located in the Rudraprayag district of Uttarakhand. This acquisition is from Statkraft IH Holding AS and is subject to customary conditions precedent. Upon completion, Bhilwara Energy Limited will become the sole owner of the project.
The financial terms of the acquisition have not been disclosed in the filing. The transaction involves the complete transfer of equity shares of M/s Mandakini Jal Urja Private Limited, the entity responsible for the Phata Byung Hydroelectric Project. The acquisition will increase Bhilwara Energy’s total hydroelectric capacity to 375 MW. The transaction is structured to align with Bhilwara Energy’s strategic objectives in the renewable energy sector.
The Phata Byung Hydroelectric Project is a run-of-the-river hydroelectric project currently under construction. The project is strategically significant for Bhilwara Energy as it marks the company’s entry into the Uttarakhand region. The project is expected to enhance Bhilwara Energy’s renewable portfolio, focusing on sustainable and indigenous power generation assets across India.
The acquisition is part of Bhilwara Energy’s broader strategy to expand its footprint in India’s renewable energy sector. The company aims to develop reliable and sustainable power generation assets. The transaction is aligned with the company’s long-term vision of contributing to India’s clean energy transition. The acquisition also reinforces Bhilwara Energy’s commitment to investing in environmentally responsible power infrastructure.
The timeline for the completion of the transaction is not specified in the filing. The acquisition process will proceed upon meeting the customary conditions precedent. The involved parties include Bhilwara Energy Limited, Statkraft IH Holding AS, and M/s Mandakini Jal Urja Private Limited. Legal advisors for the transaction include Cyril Amarchand Mangaldas for Statkraft and Singhania & Co for Bhilwara Energy. Ernst & Young LLP acted as the exclusive sell-side M&A banker.
Statkraft is a leading company in hydropower and Europe’s largest generator of renewable energy. The company focuses on hydropower, wind power, solar power, and gas-fired power. Statkraft operates in more than 20 countries with around 7,000 employees. The divestment aligns with Statkraft’s global strategy to streamline its international portfolio and focus on select core markets.
HEG Ltd is part of the LNJ Bhilwara Group, a diversified business conglomerate with a strong presence in textiles, graphite electrodes, power generation, and IT-enabled services. The group has been a pioneer in India’s power sector, focusing on renewable energy and sustainable development. Through its energy arm, Bhilwara Energy Limited, the group has developed and operated several hydro and renewable power projects across India.