Norwegian renewable energy producer Statkraft has sold its 49% stake in the Indian hydropower joint venture Malana Power Company to LNJ Bhilwara Group. The deal includes the 86MW Malana and 192MW Allain Duhangan plants in Himachal Pradesh, making Bhilwara Energy the sole owner of these assets.

Statkraft’s divestment aligns with its strategy to focus on core markets in Europe and South America for long-term competitiveness. This move follows a previous agreement to sell its Colombian renewables portfolio to Ecopetrol, Colombia’s national oil company. The sale includes personnel, eight projects in development, and the 130MW Portón del Sol solar plant.

Since 2004, Statkraft has been a key player in India’s hydropower sector through its JV with SN Power. This recent divestment marks a shift in the company’s focus towards markets where it can achieve scale and long-term success. Statkraft remains committed to playing a significant role in the global energy transition by reallocating capital wisely.

Read more at Yahoo Finance: Statkraft sells 49% stake in Indian hydropower JV