TAQA has commenced the sale of power from its 100 MW Sorang hydropower project in the Indian state of Himachal Pradesh.
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) today announced the commencement of sale of power from the 100 megawatt (MW) run-of-the-river Sorang hydropower project in the Indian state of Himachal Pradesh. At full capacity, it can supply emissions-free electricity to 500,000 homes.
“We are keen to participate in meeting India’s growing energy needs through the completion of this project which provides cost-efficient power and helps develop renewable energy sources,” said His Excellency Saeed Mubarak Al-Hajeri, TAQA Chairman. “Sorang is our third major project to be completed this year, with two other projects set for completion by the end of 2015.”
The Sorang hydropower project is powered by the Sorang Khad river which originates in the Himalayas. It uses run-of-the-river technology to convert the river’s natural water flow to electricity, eliminating the need for a reservoir.
Al-Hajeri added: “I would like to congratulate our team in India for safely completing this very challenging project in difficult terrain. This has been achieved largely thanks to a disciplined approach to project execution as well as the strong partnerships we have built with the local community and government.”
The facility started supplying power to northern India on 31 October 2015. TAQA’s India operations also include a 250 MW lignite power station in the Neyveli region of southern India.
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TAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.
TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.
TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Netherlands, United Kingdom and United States.
Abu Dhabi, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, has appointed Ryan Wong, currently Group Vice-President Treasury, to the position of acting Chief Financial Officer (CFO) effective 1 October.
Mr. Wong will replace Stephen Kersley, who held the role of CFO since May 2011 and has decided to leave the company effective 1 November 2014.
Ed LaFehr, Chief Operating Officer of TAQA, commented: “Steve led a significant upgrading of TAQA’s financial processes, systems, and treasury operations. We wish him well for the future and thank him for his service over the past years.”
Ryan Wong joined TAQA in 2008 and brings to the role 35 years of financial and treasury experience.
Abu Dhabi, United Arab Emirates - TAQA, the Abu Dhabi National Energy Company, has appointed Saeed Hamad Al Dhaheri to the position of Executive Vice President Human Resources and General Services.
Mr. Al Dhaheri has more than 12 years of experience from the human resource industry in Abu Dhabi. He joins TAQA from government-owned Abu Dhabi Media Company where he led the human resources, procurement and administration functions. Mr. Al Dhaheri has also served on the Board of Directors of United Printing & Publishing and previously held human resources leadership positions at Etihad Rail and Abu Dhabi Health Services Company - SEHA.
In June 2014, TAQA initiated a significant restructuring and strategy development process with a focus on enhancing Emiratisation efforts.
Abu Dhabi, United Arab Emirates – A consortium led by TAQA, the international energy and water company from Abu Dhabi, has agreed to acquire two hydroelectric plants in India, making TAQA the largest private operator of hydroelectric plants in India.
The agreement follows the signing of the UAE-India Bilateral Investment Promotion and Protection Agreement in December 2013 and a commitment made by the UAE to invest USD 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.
TAQA, which holds a 51% stake in the consortium, will have 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%) and IDFC Alternatives’ India Infrastructure Fund II (10%).
The equity invested by the consortium in the acquisition of the two hydroelectric plants will amount to approximately INR 3,820 crores (USD 616 million ), of which 51% is from TAQA. The consortium will also acquire the assets’ non-recourse project debt.
Frank Perez, TAQA’s Executive Officer and Head of Global Power & Water, said: “India’s economic growth depends on having ample and reliable energy supply. TAQA is pleased to add these two high quality hydro power assets to our growing India business and to support India’s economic growth.”
The two plants have a combined power generation capacity of 1,391 megawatts (MW). Both plants are located in Kinnaur district within two kilometres of each other and share support facilities. They use run-of-the-river technology to convert natural water flow to electricity, eliminating the need for a reservoir. The plants are 35 kilometres from the Sorang hydroelectric 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 hydroelectric facilities and one lignite power plant.
The acquisition is expected to close in 2014 and is subject to regulatory and third party approvals.
This investment will be recognised at the second meeting of the UAE-India High Level Joint Task Force in Mumbai on Monday 3 March 2014 co-chaired by His Highness Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court, and His Excellency Anand Sharma, India’s Minister of Commerce and Industry.
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For further information:
TAQA External Communications, Abu Dhabi
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.
About IDFC Alternatives
IDFC Alternatives Ltd is an advisor and investment manager of IDFC sponsored funds across infrastructure, private equity and real estate. IDFC Alternatives is one of India’s largest multi-asset class fund managers with assets under management of approximately USD 2.8 billion. IDFC Alternatives has so far received binding commitments of USD 755 million for its second India focused core infrastructure fund, India Infrastructure Fund II ("IIF II"). IIF II is the successor to IDFC’s debut infrastructure fund ("IIF I"), which was raised in June 2009 with a fund size of USD 927 Million from Indian and international institutional investors and which has been fully deployed. Apart from IDFC Limited, the investors in IIF II comprise global institutional investors from North America, Europe, Middle East and UK.
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.
Contact Information for Media:
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
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