JSW Neo Energy, Blackstone, other cos line up for Statkraft wind-down

JSW Neo Energy, Blackstone and KKR-backed Serentica Renewables have submitted binding financial bids for Statkraft’s wind and solar energy assets in India on Wednesday, when the deadline for bids expired, according to sources aware of the matter.

The bids were submitted after a three-month due diligence process. Norwegian government-owned Statkraft is exiting India and selling its assets in two lots. The first lot consists of the wind and solar assets. Bids for the second lot comprising hydro power assets are due on August 16. Adani Green Energy and Torrent Power are likely to bid for those, according to people cited earlier.

Statkraft has put a $1.5 billion enterprise value tag on the entire India portfolio.

JSW Neo Energy, Blackstone and KKR declined to comment. Adani Green Energy and Torrent Power had not responded to ET’s queries until press time.

“We were among the selected bidders for the Statkraft portfolio in April, post which we conducted our diligence. We are submitting our binding offers for Statkraft’s wind and solar portfolio and are confident of closing this transaction,” said a Serentica spokesperson.

Statkraft—Europe’s largest renewable power company—announced its intention on October 23 last year to exit the Indian business.



In a statement from its global chief executive officer Birgitte Ringstad Vartdal, the company said it was prioritising investments in Norway, Europe and South America. It had forayed into India in 2001. It owns wind and solar power assets in Rajasthan with 1.5 GW capacity. It also owns two operational hydro power plants at Malana and Allain Duhangan in Himachal Pradesh with both being 49:51 joint ventures with India’s LNJ Bhilwara group. Its portfolio also includes two under construction hydropower assets at Tidong in Himachal Pradesh and Kedarnath in Uttarakhand, respectively.

ET first reported on April 11 that as many as 15 entities including Adani Green Energy and Serentica Renewables were in the fray to acquire Statkraft’s Indian assets.