TAQA Eyes Energy Development in India
Posted: 04 December 2006
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The Abu Dhabi National Energy Company (TAQA) announced its intention to enter into joint development, financing, and implementation of Indian energy sector projects, together with India 's Infrastructure Leasing & Financial Services Ltd. (IL&FS).
Under the terms of the arrangement, TAQA would invest substantial capital in various power and transmission projects in India , enabling them to come online faster and more productively.
"TAQA's intention to assume an equity stake in India's rapidly growing energy sector is a natural progression for the company, as we continue to expand and invest outside the Middle East region," said Peter Barker-Homek, chief executive officer of Abu Dhabi National Energy Company.
"By working together with IL&FS - India 's leader in utilities privatization modeling - TAQA believes that it is taking the straightest, fastest path to profitability in the Asian subcontinent," added Barker-Homek.
IL&FS is currently involved as developer and advisor in power generation projects with an aggregate generation capacity of more than 6,000 MW. These projects will require significant equity capital, and the partnership potential with TAQA is a lead initiative to mobilize equity funds for these projects, including a 750 MW gas-based power project in Tripura being implemented with ONGC as a partner.
Ravi Parthasarathy, chairman of IL&FS, said: "The future of India 's energy sector is inexhaustibly bright, with potential beyond anyone's imagination. By choosing the right investors, such as TAQA, for our growing number of projects, we are virtually ensuring that the energy demands of our future generations will be met in a way that benefits both our economy and our environment." |
