The acquisition has been made by TAQA Jyoti Energy Ventures (TAQA Jyoti), a joint venture with Jyoti Structures, an Indian power infrastructure company.
With 90% work at the plant completed, Sorang is scheduled to commence operations in 2013. The Sorang hydroelectric plant, on the Sorang Khad River, will implement a run-of-the-river technology to convert the river’s water flow to electricity, eliminating the requirement for a reservoir.
JSL signed a MoU with TAQA in July 2011 to explore investment opportunities in the sector.
TAQA chief executive officer Carl Sheldon said that the deal complements the company’s existing power generation business in India
"It also reflects our confidence in the Indian market," Sheldon added.
TAQA currently operates a 250 MW lignite power station at Neyveli in southern part of India.
TAQA and JSL plan to progressively buy complete stake in HSPL and jointly operate the plant following regulatory approvals.
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