Taqa pulls out of $1.6bn India power deal

24/07/2014 12:39 AST

Abu Dhabi National Energy Co (Taqa) is pulling out of a $1.6 billion deal to buy two Indian hydroelectric power plants because of "a change in strategy", a senior Taqa official told Reuters on Thursday.

The official, who declined to be named under briefing rules, did not give further details of the decision.

In March, Taqa said a consortium led by it had agreed to buy the two power plants from Jaiprakash Power Ventures.

The consortium was to spend $616 million on equity in the plants, and in addition take over their non-recourse project debt, bringing the total enterprise value to around $1.6 billion, a Taqa spokesman said at the time.

State-run Taqa, with 51 percent of the consortium, was to control the operations and management of both plants. PSP Investments, one of Canada's largest institutional investors, would own 39 percent and an infrastructure fund run by India's IDFC Alternatives was to hold 10 percent.

In a Mumbai stock exchange filing, Jaiprakash Power said Taqa told the company that the decision was due to a change in the business strategy and priorities of their group.

Taqa is liable to pay a "break fee", Jaiprakash Power said, without giving details.


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