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TAQA Expands in India with Hydroelectric Project

Source: 1/13/2013, Location: Asia

Abu Dhabi National Energy Company PJSC (TAQA) has acquired an interest in Himachal Sorang Power Limited (HSPL), the developer of a 100 megawatt (MW) hydroelectric plant in the northern Indian state of Himachal Pradesh.

Construction of the Sorang hydroelectric project is 90% complete and the plant is expected to begin operations in 2013. It will be powered by the Sorang Khad, a river originating in the Himalayas, and will supply electricity to the northern states of India, a region currently facing power shortages. It uses run-of-the-river technology to convert the river’s natural water flow to electricity, eliminating the need for a reservoir.

The acquisition was made by TAQA Jyoti Energy Ventures Pvt. Ltd. (TAQA Jyoti), a joint venture with Jyoti Structures Ltd. (JSL), an Indian power infrastructure company. JSL signed a Memorandum of Understanding with TAQA in July 2011 to explore investment opportunities in the sector. TAQA already operates a 250 MW lignite power station in the Neyveli region of southern India.

Carl Sheldon, TAQA’s Chief Executive Officer, said: “This investment will both complement our existing power generation business in India and support TAQA’s nascent renewable energy stream. It also reflects our confidence in the Indian market.”

TAQA Jyoti has initially bought a minority stake in HSPL, which is owned by a consortium comprising NCC Infrastructure Holdings Ltd. and IL&FS Energy Development Company Ltd. Subject to the satisfaction of certain conditions precedent and compliance with applicable regulatory requirements, TAQA and JSL will progressively acquire 100% of the share capital of HSPL and jointly operate the plant. TAQA will hold a majority stake in the joint venture.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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