UAE-led group expects to sign $2.0b India power deal soon

ABU DHABI, Feb 10 (Reuters): Abu Dhabi National Energy Co (TAQA), leading a consortium that plans to invest around $2 billion to acquire hydropower assets in India, expects to close the deal this quarter, three sources familiar with the matter told the news agency.
TAQA, majority-owned by the Abu Dhabi government, is buying two hydropower plants owned by Jaiprakash Power Ventures in the northern Indian state of Himachal Pradesh.
The plants have a total capacity of 1,300 megawatts. 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 sources said.
"They are working to finalise it before the end of this quarter, reinforcing TAQA's confidence in the Indian market to complement its existing power generation business there," an Abu Dhabi source familiar with the matter said.
"The deal value is estimated to be slightly over $2 billion. The consortium is likely to take over the debts of the seller," a second source said.