Poised for a landmark shift, Statkraft’s India portfolio of hydro and solar assets readies for multibillion-dollar acquisition.
Global private equity major Blackstone, Serentica Renewables, and JSW Group have entered the race to acquire the Indian assets of Norwegian energy firm Statkraft. The companies have joined Adani Group in vying for the portfolio, people familiar with the matter said.
The assets, which include hydro and solar power projects, are estimated to be valued between ₹170 billion and ₹180 billion. EY Norway has been appointed as the advisor to oversee the sale process.
Statkraft, which entered India in 2004 by acquiring 49% in Malana Power Company, currently operates hydropower projects in Himachal Pradesh and solar plants across Rajasthan and Tamil Nadu. Its portfolio includes a 76 MW solar power project in Telangana, a 75 MW project under development in Tamil Nadu, and a 445 MW solar capacity in Rajasthan, along with two operational hydropower assets in Himachal Pradesh and another under construction at Tidong.
The Norwegian group’s decision to exit India comes amid a decline in overall revenue and growing debt. Last month, Fitch downgraded Statkraft’s credit rating from ‘BBB+’ to ‘BBB’ with a negative outlook, citing weaker performance and higher leverage. The firm derives the bulk of its revenue from Europe, with an installed capacity of 19.4 GW, of which 12.1 GW is hydropower.
Serentica, backed by private equity firm KKR, confirmed its interest in Statkraft’s assets, highlighting its strategy of exploring partnerships on a long-term basis. Other bidders, including Adani Group and JSW, have yet to issue official comments.
