Jaiprakash Power Ventures, which is part of the Jaypee Group, has approved the transfer the 300MW Baspa II hydro-electric project and 1,091MW Karcham Wangtoo hydro project into Himachal Baspa Power.
The Baspa and Karcham projects have an expected operational life of 29 years and 37 years respectively and can be extended for a further period of 20 years.
JSW Energy CMD Sajjan Jindal said: "Our strategy is to increase capacity manifold and create synergies through a mix of organic and inorganic opportunities, supported by excellence in operations to accelerate the growth in shareholder value."
The Baspa-II and Karcham Wangtoo hydro electric projects in Himachal Pradesh, India, have a combined power generation capacity of 1,391MW.
Following completion of the acquisition, JSW Energy is expected to be the largest hydro-power generator in the country’s private sector.
The sale follows collapse of Jaiprakash Power Ventures’ draft scheme of arrangement for sale of Baspa-II and Karcham Wangtoo hydro electric projects to a consortium led by Abu Dhabi National Energy Company (TAQA) for $616m.
Upon completion of transaction, JSW Energy’s aggregate installed power generation capacity will increase to 4,531MW.
Image: Japyee is also developing Sardar Sarovar Dam on the River Narmada, India. Photo: courtesy of AceFighter19.
