Indian independent power producer Reliance Power has decided to withdraw from a preliminary deal reached with Jaiprakash Power Ventures Ltd (JPVL) for the sale of its three operational hydropower plants in India, citing regulatory uncertainties and tariff issues. JSW Energy (part of the Jindal Steel and Power group) has agreed to buy the plants, as part of its strategy to expand its generation portfolio beyond coal- and lignite-fired power plants. JPVL is seeking to sell assets to cut large debts due to a prolonged economic slowdown.
JPVL 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. The sale would have made Reliance the largest private power generator in India. The group has more than 5 GW of hydropower projects, including 4.2 GW in Arunachal Pradesh, 700 MW in Himachal Pradesh and 400 MW in Uttarakhand.
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