Abu Dhabi National Energy Company (TAQA) led consortium will acquire Jaiprakash Power Ventures ' two hydroelectric power plants for about Rs 10,000 crore (USD 1.6 billion), TAQA said today.
"The total enterprise value of the two assets is approx USD 1.6 billion (approx Rs 10,000 crore). The amount of equity being invested by the consortium is approx USD 616 million (Rs 3,820 crore)... The remainder is primarily non-recourse project debt," a TAQA spokesperson said in an e-mailed reply to a PTI query.
Earlier, TAQA had said in a statement that through a consortium it will acquire Jaiprakash Power Ventures' two hydro-electric power plant, Baspa Stage II and Karcham Wangtoo, having 1,391 MW capacity.
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"The equity invested by the consortium in the acquisition of the two hydroelectric plants will amount to approximately Rs 3,820 crore (USD 616 million, based on March 1, 2014 foreign exchange rate), of which 51 percent is from TAQA.
"The consortium will also acquire the assets' non-recourse project debt," said TAQA, which is the brand name of Abu Dhabi National Energy Company.
TAQA holds 51 per cent stake in the consortium and will have control of operations and management of both the plants under the proposed deal, it said.
Its consortium partners include one of Canada's largest institutional investors, whose name was not disclosed (39 per cent stake) and IDFC Alternatives' India Infrastructure Fund II (10 per cent stake).
The two plants have a combined power generation capacity of 1,391 MW and are located in Kinnaur district, Himachal Pradesh, within two km of each other. They share support facilities and use run-of-the-river technology to convert natural water flow to electricity, eliminating the need for a reservoir.
The plants are 35 km from the Sorang hydroelectric plant, in which TAQA acquired stake last year.
According to TAQA, the acquisition will make it the largest private operator of hydroelectric plants in India. Post completion of the deal, its gross operational power generation capacity in India will rise to 1,741 MW, comprising of 3 hydel power and one lignite plants.
TAQA's Executive Officer and Head of Global Power & Water Frank Perez said: "India's economic growth depends on having ample and reliable energy supply. TAQA is pleased to add these two high quality hydro power assets to our growing India business and to support India's economic growth."
The acquisition is expected to close in 2014 and is subject to regulatory and third party approvals, TAQA said.
Jaiprakash Power Ventures Ltd is a subsidiary of Indian infrastructure conglomerate Jaypee Group. In recent times, the Jaypee group has been on a debt-pruning spree.
In September 2013, it had sold a cement plant in Gujarat to Aditya Birla group's UltraTech having an enterprise value of Rs 3,800 crore.
Jaiprakash Pow stock price
On February 24, 2014, Jaiprakash Power Ventures closed at Rs 15.06, down Rs 0.34, or 2.21 percent. The 52-week high of the share was Rs 31.80 and the 52-week low was Rs 8.55.
The company's trailing 12-month (TTM) EPS was at Rs 0.24 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 62.75. The latest book value of the company is Rs 21.93 per share. At current value, the price-to-book value of the company is 0.69.
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