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India's Reliance Group acquires 1,800 MW of hydroelectric power assets from Jaiprakash

India

Indian financial firm Reliance Group has signed a memorandum of understanding to acquire three hydroelectric plants from Jaiprakash Power Ventures Ltd.

The three plants acquired by Reliance subsidiary Reliance CleanGen Ltd. (RCL) have a cumulative output capacity of about 1,800 MW, making the company India's largest private sector operator of hydropower.

Included in the deal are the 300-MW Baspa Stage 2 and 1091-MW Karcham Wangtoo projects -- both located in Himachal Pradesh -- and the 400-MW Vishnuprayag, which is located in Uttarakhand.

Reliance Power said the projects add to a portfolio that includes more than 5,000 MW of hydroelectric power currently in development, with 4,200 MW to be located in Arunachal Pradesh, 700 MW in Himachal Pradesh and 400 MW in Uttarakhand.

The sale will help Jiprakash reduce its outstanding debt, the group said, with SBI Capital Markets Ltd. acting as advisors for the transaction.

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