Greenko Energy is set to acquire an Indian hydro power unit from Abu Dhabi’s TAQA for Rs 650 crore, the second instance in four months where the Hyderabad-based renewables company is buying out a distressed local asset from a global utilities major, said officials in the know.
Last September, Greenko pipped several potential suitors to bag the 1.7 gigawatt Indian wind and solar portfolio of bankrupt clean energy giant SunEdison Inc for $315 million.
Abu Dhabi National Energy Company, popularly known as TAQA (‘energy’ in Arabic), operates the near-complete 100 mw Sorang project in Himachal Pradesh.
The project is powered by the Sorang Khad river, which originates in the Himalayas. It uses run-ofthe-river technology to convert natural water flow to electricity, eliminating the need for a reservoir. At full capacity, the project can supply emissions-free electricity to 500,000 homes.Read More…