JSW Energy (part of the Jindal Steel and Power group) has confirmed its intention to buy the 300 MW Baspa II and 1,000 MW Karcham Wangtoo hydro-electric plants in Himachal Pradesh (India) from Jaiprakash Power Ventures Ltd (JPVL), as part of its strategy to expand its generation portfolio beyond coal- and lignite-fired power plants. The company board has approved the purchase, that was announced in September 2014.
JPVL is seeking to sell assets to cut large debts due to a prolonged economic slowdown. The independent power producer had initially reached an agreement with TAQA (Abu Dhabi) on the sale of 300 MW Baspa II and 1,000 MW Karcham Wangtoo hydro-electric plants in Himachal Pradesh, but TAQA cancelled the sale in July 2014. Under an initial agreement reached in August 2014, Reliance was to acquire the plants, as well as the 400 MW Vishnuprayag power plant in Uttarakhand. However, Reliance cancelled the sale in September 2014, citing regulatory uncertainties and tariff issues.
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