Jaiprakash Power to sell hydropower plants to Abu Dhabi National Energy Co- sources
Sources told Bloomberg that Jaiprakash Power Ventures had been in discussions with Abu Dhabi National Energy for the sale of its two hydropower plants. Another person familiar with the matter said the plants could fetch a price tag of around INR 130 billion or USD 2.1 billion. This would include the firm's debt, which was pegged at INR 228 billion in March this year. The plants produced 1,300 megawatts of power combined. They are located in Himachal Pradesh in Northern India.
Abu Dhabi National Energy, also known as Taqa, is a utility company based in the United Arab Emirates. Taqa had been increasing its power capacity in India. Information from its website showed that the utility had purchased a stake in a hydroelectric firm that increased their capacity to 350 megawatts. It had also expanded its capacity from 250 megawatts to 500 megawatts in its lignite power plant located in the Indian state of Tamil Nadu.