Taga Consortium 2 Hydro Indian Plants

Taga_Abu_Dhabi

March 4, 2014

By Dr. Tyra OldhamLANDsds Sustainable Voice News

Consortium’s can be good bed fellows for intense productions allowing shared capacity and solutions for optimizing capacity.  The consortium of “Taqa-led group to acquire 2 Indian power plants” has propelled them to the largest private hydro-electric plant in India in Kinnaur District.

Taqa, the international energy and water company from Abu Dhabi has 51 percent ownership in the consortium. Following the signing of the “UAE-India Bilateral Investment Promotion and Protection Agreement in December 2013 and a commitment made by the UAE to invest $2 billion in India’s infrastructure sector at the first UAE-India High Level Joint Task Force on Investments meeting held in Abu Dhabi in February 2013. The consortium agreed to purchase the Baspa Stage II and Karcham Wangtoo plants in the northern state of Himachal Pradesh, from Jaiprakash Power Ventures Limited, a subsidiary of Indian infrastructure conglomerate, Jaypee Group,” reported Emirates 24/7.

Taga has control of operations and management of both facilities under the proposed deal. “The remaining equity will be held by one of Canada’s largest institutional investors (39 per cent) and IDFC Alternatives’ India Infrastructure Fund II (10 per cent). The equity invested by the consortium in the acquisition of the two hydro-electric plants will amount to approximately $616 million, of which 51 per cent is from Taqa. The consortium will also acquire the assets’ non-recourse project debt.”

The two plants have a combined power generation capacity of 1,391 megawatts. The plants are 35km from the Sorang hydro-electric plant, in which Taqa acquired a stake last year. Following the completion of the transaction, Taqa’s gross operational power generation capacity in India will total 1,741 MW, comprised of three hydro-electric facilities and one lignite power plant.

The investment in energy projects and business can increase capacity and drive economy. The building of consortium’s are leverage channels for new opportunities to offset risk, cost and deliver energy solutions.

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