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A consortium led by Abu Dhabi National Energy Company (TAQA) has brought over two hydroelectric power plants from India’s Jaiprakash Power Ventures Limited (JPVL) for US$1.6bn
The UAE state-controlled utility will manage and operate the facilities, it said in a statement. The assets have an enterprise value of US$1.6bn, including a US$616mn cash payment and assumed project finance debt, a company spokesman said.
The Baspa Stage II and Karcham Wangtoo plants, located in the northern state of Himachal Pradesh, have combined capacity of 1,391MW and the acquisition would bring TAQA’s total generation capability in India to 1,741MW, Bloomberg reported.
Frank Perez, head of global power and water for the operator of TAQA, said, “Abu Dhabi National Energy is pleased to support India’s economic growth.”
The deal will make TAQA the largest operator of hydroelectric plants in India, the company added.
TAQA holds 51 per cent of the consortium, along with an unnamed Canadian institutional investor and Indian infrastructure finance fund IDFC Limited.