JSW Energy has acquired the 300MW Baspa II and the 1091MW Karcham Wangtoo hydroelectric plants in India’s Himachal Pradesh from Jaiprakash Power Ventures, a wholly-owned subsidiary of the Jaypee Group.
The Rs 9,700 crore deal is a slight amendment to the MOU signed by the companies back in September, where JSW had agreed to buy three plants from Jaiprakash – the third being the 500MW Bina Thermal plant in Madhya Pradesh. The addition of the two hydropower plants to JSW’s portfolio means it is now the largest private producer of hydro in the country
Earlier this year, Jaiprakash had separate deals to sells its hydro assets to Abu Dhabi National Energy Co. (Taqa) and Reliance Power, but both firms pulled out, with Taqa citing a change in business strategy and priorities, and Reliance saying that prevailing regulatory uncertainties and tariff issues meant it could continue with the acquisition.
