Web Exclusive | January 2013
UAE's TAQA buys stake in HSPL's 100 mw hydel plant
A minority stake in a 100 megawatt hydroelectric plant of Himachal Sorang Power (HSPL) has been bought by Abu Dhabi National Energy Company (TAQA) in north India. The Abu Dhabi government-owned company has plans to fully acquire the firm at a later date.
The purchase is the latest in a string of acquisitions by the firm, which is 75 per cent owned by the Abu Dhabi government, the company said on January 13.
TAQA said in a statement that it had acquired an interest in Himachal Sorang Power (HSPL) through a joint venture with Jyoti Structures (JSL), an Indian power infrastructure company. No value for the purchase was given.
TAQA and JSL plan to progressively acquire 100 per cent of the share capital of HSPL and will jointly operate the Sorang plant, which is due to begin operations later this year. Once fully acquired, the Abu Dhabi firm will hold a majority stake in the joint venture, the statement said.