Europe’s largest renewable energy company Statkraft is set to become the first MNC player to buy an Indian power company under the insolvency and bankruptcy code (IBC) process after national company law tribunal (NCLT) approved its Rs. 180 crore offer for Lanco Mandakini Hydro Energy, as per court documents reviewed by ET.

Oslo-headquartered Statkraft was pitted against Biocon-backed Ampyr Energy, ReNew Power, an arm of state-owned NTPC and European renewable energy major Statec, that had also submitted expressions of interest to acquire the Lanco unit.

ET had first reported that Statkraft had submitted a debt resolution offer for Lanco Mandakini Hydro Energy on 28 October.

Statkraft and Lanco Mandakini Hydro Energy’s resolution professional Bhrugesh Amin did not respond to queries. Amin is also listed as the resolution professional of Aparant Iron and Steel Limited, Icomm Tele Limited and Panyam Cements and Mineral Industries Limited on the website of Insolvency and Bankruptcy Board of India.

An Axis Bank-led group of creditors has outstanding dues of Rs 1300 crore from Lanco Mandakini Hydro Energy. They had disbursed loans to the company. They have unanimously approved Statkraft’s debt resolution plan.

The Lanco unit owns an unfinished hydro power plant near the pilgrim town of Kedarnath in Uttarakhand. The plant was partially destroyed by flash floods in 2013. The unit subsequently defaulted on bank loans

Statkraft entered the Indian power market through its subsidiary SN Power in 2004, when it acquired 49 per cent of the shares in Malana Power Company Limited (MPCL). Statkraft was then the first foreign investor in the Indian hydropower sector.

Its energy generation portfolio in India includes two operating hydropower assets, one hydropower asset under construction and one solar power project also under construction. All three hydro assets are in Himachal Pradesh. The solar project is in Tamil Nadu. It is also involved in energy trading.

Globally, Statkraft operates in 17 countries. It has been in the clean energy business since 1895.