In a significant move that could reshape the renewable energy landscape, major conglomerates JSW Energy, Vedanta, and Adani Power are among the companies reportedly interested in acquiring GVK Energy’s 330 MW Alaknanda Hydroelectric Project in Uttarakhand.
Our Business Correspondent reports that the project, located near Srinagar in Pauri Garhwal district, harnesses the flow of the Alaknanda River through a run-of-the-river design. Commissioned a few years ago, the hydropower station has become a crucial asset in meeting the region’s power demand while contributing to India’s clean energy ambitions.
The 330 MW project—also known as the Shrinagar Hydropower Project—features a 98-metre gravity diversion dam and a powerhouse facility capable of producing significant volumes of renewable energy. Strategically situated about 110 kilometres from Rishikesh on the highway to Badrinath, the facility provides both energy security and developmental support to the hill state.
Industry experts believe the acquisition of the project will strengthen the renewable portfolios of whichever bidder succeeds. With India targeting ambitious climate goals, large players in the energy sector are keen to diversify into hydropower, which offers grid stability compared to solar and wind.
For JSW Energy, already expanding into green energy, acquiring Alaknanda could enhance its foothold in the northern region. Vedanta, traditionally strong in mining and thermal power, is looking to rebalance its portfolio, while Adani Power sees hydropower as a strategic complement to its expansive solar and wind assets.
Analysts point out that the bidding reflects a wider trend: India’s large corporations are racing to secure operational renewable assets instead of waiting for fresh construction, as immediate generation and cash flows are more attractive in today’s market environment.
The deal, still at an exploratory stage, will depend on valuation, regulatory clearances, and the companies’ ability to align with state-level considerations in Uttarakhand. For local communities, the future of the project is not just about corporate ownership but about ensuring long-term sustainability, fair employment opportunities, and continued contributions to regional development.
As the bidding intensifies, the Alaknanda Hydroelectric Project stands at the intersection of business ambition, energy transition, and local development, making it one of the most closely watched transactions in India’s power sector this year.
The VUK Business Bureau covers economic developments, policy updates, and market trends with clarity and precision. Focused on delivering in-depth analysis of finance, trade, taxation, and entrepreneurship, the bureau provides readers with reliable insights into how business and economic decisions impact everyday life in Uttarakhand and across India.
