Abu Dhabi National Energy Co acquires stake in Indian firm

The Abu Dhabi-based company has acquired a stake in HSPL through a joint venture with an Indian power infrastructure firm, Jyoti Structures Ltd (JSL), it said in a statement today.

"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," it said but did not disclose the stake purchase cost.

TAQA, in which 75 per cent stake is owned by the Abu Dhabi government, further said that it intends to acquire 100 per cent stake in HSPL after meeting regulatory requirements.

"Subject to the satisfaction of certain conditions precedent and compliance with applicable regulatory requirements, TAQA and JSL will progressively acquire 100 per cent of the share capital of HSPL and jointly operate the plant. TAQA will hold a majority stake in the joint venture," it said.

HSPL's Sorang hydroelectric project is 90 per cent 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.

TAQA already operates a 250 MW lignite power station in the Neyveli region of southern India.