Construction of the run-of-river hydro project on the Sorang Khad river is 90% complete and the plant is expected to begin operations this year. It will supply electricity to the northern states of India, a region currently facing power shortages.
The acquisition was made by TAQA Jyoti Energy Ventures Pvt. Ltd. (TAQA Jyoti), a joint venture with Jyoti Structures Ltd. (JSL), an Indian power infrastructure company. JSL signed a Memorandum of Understanding with TAQA in July 2011 to explore investment opportunities in the sector. TAQA already operates a 250MW lignite power station in the Neyveli region of southern India.
TAQA Jyoti has initially bought a minority stake in HSPL, which is owned by a consortium comprising NCC Infrastructure Holdings Ltd and IL&FS Energy Development Company Ltd. Subject to the satisfaction of certain conditions, TAQA and JSL will progressively acquire 100% of the share capital of HSPL and jointly operate the plant. TAQA will hold a majority stake in the joint venture.
TAQA expands hydro interest in India
Abu Dhabi National Energy Company PJSC (TAQA) has acquired an interest in Himachal Sorang Power Limited (HSPL), the developer of the 100MW Sorang hydroelectric plant in the northern Indian state of Himachal Pradesh.