Archives

Home

Media Center

Financial News

02-03-14

UAE's TAQA signs USD1.6 b contract to buy power plants

(MENAFN) A consortium led by Abu Dhabi National Energy Co (TAQA) has signed a USD1.6 billion worth deal to buy two Indian hydroelectric power plants from Jaiprakash Power Ventures, according to Arabian Business. The group plans to invest USD616 million in the plants, and take over their non-recourse project debt, totaling USD1.6 billion in enterprise value. UAE-India Bilateral Investment Promotion and Protection Agreement have already signed an agreement in December 2013 and a commitment made by the UAE to invest USD544 million in India"s infrastructure sector.