TAQA expands in India with hydroelectric project
13 Jan 2013
Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has acquired an interest in Himachal Sorang Power Limited (HSPL), the developer of a 100 megawatt (MW) hydroelectric plant in the northern Indian state of Himachal Pradesh.
Construction of the Sorang hydroelectric project is 90% complete and the plant is expected to begin operations in 2013. It will be powered by the Sorang Khad, a river originating in the Himalayas, and will supply electricity to the northern states of India, a region currently facing power shortages. It uses run-of-the-river technology to convert the river’s natural water flow to electricity, eliminating the need for a reservoir.
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 250 MW lignite power station in the Neyveli region of southern India.
Carl Sheldon, TAQA’s Chief Executive Officer, said: “This investment will both complement our existing power generation business in India and support TAQA’s nascent renewable energy stream. It also reflects our confidence in the Indian market.”
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 precedent and compliance with applicable regulatory requirements, 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.
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Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).
TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.
Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.
Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.
Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.
TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.
Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.
For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL