RPower Signs Agreement To Buy Jaypee's Hydroelectric Power Plants
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Anil Ambani-led Reliance Power (According to a statement issued by the company,
Jaiprakash Power Ventures Limited’s (JPVL’s) hydroelectric power portfolio has an aggregate capacity of nearly 1,800 MW. This is fully operational and is the largest in the private sector in India. It and with an asset base of over Rs 10,000 crore. The portfolio comprises three plants with an asset life of over 50 years. Each of the plants are using run-of-the-river technology to convert natural water flow to electricity eliminating the need for a large reservoir.
According to RPower, Jaiprakash Associates Limited (Jal) intends to utilise the entire proceeds of the proposed transaction to reduce its outstanding debt. This will deleverage its consolidated balance sheet. It also added that the completion of the proposed transaction would make RPower the largest provider of hydroelectric power in the private sector in India.
RPower has hydroelectric power projects aggregating over 5,000 MW under development, of which 4,200 MW are located in Arunachal Pradesh, 700 MW in Himachal Pradesh and 400 MW in Uttarakhand.
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Earlier, an Abu Dhabi-led consortium pulled out of a $ 1.6 billion deal to buy two hydroelectric power plants from JPVL dealing a blow to the Indian Group's efforts to cut its debt. According to a stock exchange filing by Jaiprakash Power, Abu Dhabi National Energy Co (Taqa) told the company that the decision was due to a change in the Group's business strategy and priorities.
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