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Tuesday 22 August 2017
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Abu Dhabi National Energy Company acquires stakes in Sorang Hydro projects

Abu Dhabi National Energy Company PJSC (TAQA) has acquired small interest in Himachal Sorang Power Limited (HSPL), the developer of a 100 megawatt (MW) hydroelectric plant in the Kinnaur district of Himachal Pradesh.

The Sorang hydroelectric project is coming up at the Sorang Khad, a river originating in the Himalayas, and will supply electricity to the northern states of India. It uses run-of-the-river technology to convert the river’s natural water flow to electricity.

The acquisition was made by TAQA Jyoti Energy Ventures Pvt. Ltd. (TAQA Jyoti), a joint venture with Jyoti Structures Ltd. (JSL), an Indian power infrastructure company. JSL signed a Memorandum of Understanding with TAQA in July 2011 to explore investment opportunities in the sector.

TAQA Jyoti has initially bought a minority stake in HSPL, which is owned by a consortium comprising NCC Infrastructure Holdings Ltd. and IL&FS Energy Development Company Ltd. Subject to the satisfaction of certain conditions precedent and compliance with applicable regulatory requirements, TAQA and JSL will progressively acquire 100% of the share capital of HSPL and jointly operate the plant. TAQA will hold a majority stake in the joint venture.

However, it will be interesting to see about the deal as sub-contractor of Himachal Sorang Power Limited has blamed HSPL for non-payments of their dues and filled a case against the consortium in hon’ble Himachal Pradesh High Court Shimla and still case is pending with it.



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