A group led by Abu Dhabi National Energy Co (Taqa) has agreed to buy two Indian hydroelectric power plants from Jaiprakash Power Ventures in a deal worth about $1.6bn, Reuters has reported. The group will spend $616m on equity in the plants, and in addition take over their non-recourse project debt, bringing the total enterprise value to around $1.6bn, Taqa said. State-run TAQA, with 51% of the consortium, will control the operations and management of both plants under the deal. PSP Investments, one of Canada’s largest institutional investors, will own 39% and an infrastructure fund run by India’s IDFC Alternatives will hold 10%.
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