Abu Dhabi's TAQA to acquire two hydropower assets from Jaypee Group for Rs 12,000-13,000 crore - The Economic Times

Abu Dhabi's TAQA to acquire two hydropower assets from Jaypee Group for Rs 12,000-13,000 crore - The Economic Times:



"Abu Dhabi's flagship energy and utilities company TAQA (energy in Arabic) is set to acquire two hydropower projects in Himachal Pradesh from Delhi-based Jaypee Group at an enterprise valuation of Rs 12,000-13,000 crore ($1.9-2.07 billion) signaling growing appetite among foreign investors for infrastructure assets. TAQA is forming a consortium of financial sponsors to conclude this transaction, said multiple sources involved in the process.



After months of negotiations, last week, TAQA's top brass met their counterparts in Jaypee in New Delhi to finalise plans to buy the 300 mw Baspa II and the 1000 mw Karcham Wangtoo projects on the Sutlej river. 




TAQA has roped in Canadian pension fund PSP Investments and home-grown infrastructure-focused PE player IDFC Alternatives - part of infrastructure finance company IDFCBSE -1.99 % - to form a consortium."



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