TAQA takes share of India hydro project
Abu Dhabi energy giant acquires interest in 100MW development
Abu Dhabi National Energy Company (TAQA) has reported that it has acquired a share in India’s Himachal Sorang Power Limited (HSPL), the developer of a 100MW hydroelectric project in India’s Himachal Pradesh.
The deal was made as a joint venture with Indian power infrastructure firm Jyoti Structures, after signing a MoU with TAQA in July of 2011.
Work on the Sorang project is said to be 85% complete, with operations set to begin this year. The plant will be powered by the Sorang Khad river, and will supply power to the northern states of India.
“This investment will both complement our existing power generation business in India and support TAQA’s nascent renewable energy stream. It also reflects our confidence in the Indian market,” explained Carl Sheldon, TAQA CEO.
TAQA has had a busy few days in the renewables sector, announcing just last week that it had taken a 50% share in a US windfarm project with a 205.5MW capacity.