Abu Dhabi state energy firm plans 100 percent ownership of Himachal Pradesh developer
In the latest of a flurry of overseas investments, Abu Dhabi National Energy Company (TAQA) has bought an undisclosed stake in an Indian hydroelectric power developer.
The acquisition in Himachal Sorang Power Limited (HSPL) was made alongside an Indian joint venture (JV) partner. The value of the deal was not disclosed, but TAQA indicated, in a statement to the Abu Dhabi bourse, that the JV was planning eventually to secure 100 percent of HSPL. TAQA holds the majority stake in the JV.
HSPL is the developer of a 100MW hydroelectric plant in the northern state of Himachal Pradesh. The project is 85 percent complete and will begin operations this year.
Last week, the Abu Dhabi company said it would buy a 50 percent interest in a wind power project in the US state of Minnesota, while it also acquired a 53.2 percent operating interest in an oil block in Kurdistan at the beginning of December.
TAQA is also investing in a US$12bn project to produce electricity in Turkey’s Afsin-Elbistan region, it was announced in early January.
The firm, which is 75 percent owned by the Abu Dhabi government, signed off a syndicated US$2.5bn loan via ten arranging banks in December.