Abu Dhabi National Energy Co (TAQA), the UAE state-owned energy holding company, is leading a consortium that plans to invest around $2bn to acquire hydropower assets in India.

Reuters reports sources as saying the deal is expected to be finalised within this quarter, with TAQA (ADXTAQA) buying two hydropower plants, with a total capacity of 1300 MW, owned by Jaiprakash Power Ventures in the northern Indian state of Himachal Pradesh.
TAQA plans to take a majority stake in the plants while India’s IDFC Alternatives and PSP Investments, a Canadian pension fund manager, will hold minority stakes.

The deal would be TAQA’s second investment in north India. Early last year, it acquired a minority interest in a 100 MW hydroelectric plant, Himachal Sorang Power, in a joint venture with Jyoti Structures.

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