Jaiprakash Power Venture’s (JPVL) has agreed to sell power assets in India to JSW Energy, after Reliance Power this week pulled out of an acquisition deal.

JPVL announced it has signed a binding Memorandum of Understanding (MoU) with JSW Energy that includes the sale of three operational power plants – the 300MW Baspa Stage II and 1091MW Karcham Wangtoo hydropower plants in Himachal Pradesh, and the 500MW Bina thermal power plant in Madhya Pradesh.

The previous deal with Reliance focused solely on hydro assets and had seen the inclusion of the 400MW Vishnuprayag hydropower project in Uttarakhand. The Indian firm said it had pulled out of the deal due to prevailing regulatory uncertainties and tariff issues.