Indian firm Reliance Power has agreed to buy Jaiprakash Power Venture’s (JPVL) hydropower assets in a deal that would make it the largest provider of hydroelectric power in the private sector in India.
The firms 100% owned subsidiary Reliance CleanGen Ltd. (RCL) signed a deal yesterday with JPVL to buy the portfolio of hydropower plants which consist of the 300MW Baspa Stage II, 1091MW Karcham Wangtoo and the 400MW Vishnuprayag projects. The projects are all run-of-river plants and are located in Himachal Pradesh and Uttarakhand. The terms of the sale were undisclosed.
The sale agreement follows news last week that a previous deal agreed by JPVL that would see it sell its hydro assets to United Arab Emirates-based Abu Dhabi National Energy Co. (Taqa) had fallen through. JPVL was quoted in newswires as stating that Taqa had pulled out of the acquisition as a result of a change in business strategy and priorities.
