News Brief | February 2017
Greenko Energy to buy TAQA´s hydro power unit
Greenko Energy is set to acquire an Indian hydro power unit from Abu Dhabi´s TAQA for Rs 650 crore. Abu Dhabi National Energy Company, popularly known as TAQA (´energy´ in Arabic), operates the near-complete 100 MW Sorang project in Himachal Pradesh. TAQA had taken over the Sorang plant from a consortium of NCCIL& FS. But even after commencing operations in 2015, the project ran into operational troubles. However, neither party has confirmed the news with Allan Virtanen, TAQA´s head of media, declined to confirm that a sales process was ongoing, adding the company would issue a stock exchange notification if a sales agreement were to be reached.