Abu Dhabi National Energy Company PJSC (TAQA) has acquired 5 per cent stake in a 100 mw-power project being developed by NCC in Himachal Pradesh and is looking to acquire 100 per cent in future. Himachal Sorang Power (HSPL), the developer of the 100 mw hydroelectric plant with an estimated cost of nearly Rs 600 crore, is a Special Purpose Vehicle formed for implementation of the project by a consortium of NCC and IL&FS.
While NCC held 67 per cent equity in HSPL, IL&FS Engineering held the balance of 33 per cent. HSPL cannot sell stake more than 40 per cent before the Commercial Operation Date (COD).
The company has taken permission from the Himachal Government for the minority stake sale. It will take at least nine months to one year (for the total acquisition). According to the agreement HSPL had with Himachal Government, the promoters cannot sell their entire stake until six months after the COD. The COD will take another three to four months, the sources said.
Construction of the Sorang hydroelectric project is 90 per cent complete and the plant is expected to begin operations in 2013. The acquisition of 5 per cent stake was made by TAQA Jyoti Energy Ventures, a joint venture with Mumbai-based power infrastructure company Jyoti Structures (JSL).
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.
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