Norway-based renewable energy company Statkraft has divested its 49% stake in Malana Power Company to LNJ Bhilwara Group.

The transaction includes Statkraft’s stake in the 86 MW Malana and the 192 MW Allain Duhangan hydropower projects, both located in Himachal Pradesh. These projects have been operated as a 51:49 joint venture (JV) since 2004.

The acquisition makes Bhilwara Energy, a subsidiary of the LNJ Bhilwara Group, the sole owner of the Malana Power Company.

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

Fernando de Lapuerta, Executive Vice President International at Statkraft, noted that by reallocating capital to core markets in Europe and South America, Statkraft aims to position itself to deliver greater value creation and impact.

“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,” noted Riju Jhunjhunwala, Managing Director at Bhilwara Energy.

In March, Bhilwara Energy bagged an investment of ₹5 billion (~$57.2 million) from growth equity firm Singularity AMC. The two companies have signed definitive agreements to support the creation of an integrated energy transition platform, HEG Greentech.

The platform will focus on power assets, battery-grade anode materials, food-grade bottle-to-bottle recycling, graphene, and advanced battery systems manufacturing for energy storage and electric vehicles.

Bhilwara Energy was one of the winners in Urja Vikas Nigam’s Phase IV standalone battery energy storage systems auction. Bhilwara Energy secured 100 MW each at a tariff of ₹225,993 (~$2,566)/ MW/month.

Last month, Statkraft sold a 120 MWp operational solar project portfolio to the Dutch renewable energy supplier Greenchoice.