A consortium led by TAQA (Abu Dhabi) has agreed to acquire two hydroelectric plants in India, with a combined capacity of 1,391 MW. The consortium (51% TAQA, 39% one of Canada’s largest institutional investors and 10% IDFC Alternatives’ India Infrastructure Fund II) will purchase the 300 MW Baspa Stage II and 1,100 MW Karcham Wangtoo plants in the northern state of Himachal Pradesh (India), from Jaiprakash Power Ventures Limited, a subsidiary of Indian infrastructure conglomerate Jaypee Group. The equity invested by the consortium in the acquisition of the two hydroelectric plants will amount to approximately INR 3,820 crores (US$616m), of which 51% is from TAQA. The consortium will also acquire the assets’ non-recourse project debt. TAQA will have control of operations and management of both facilities under the proposed deal. Both plants are run-of-river plants and are located in Kinnaur district. The plants are 35 km from the Sorang hydroelectric plant, in which TAQA acquired a stake in 2013. Following the completion of the transaction, TAQA’s gross operational power generation capacity in India will total 1,741 MW, comprised of three hydroelectric facilities and one lignite power plant. The acquisition is expected to close in 2014 and is subject to regulatory and third party approvals.
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