The Abu Dhabi National Energy Company (ADSM: TAQA) announced today 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.”
About Abu Dhabi National Energy Company (TAQA)
Abu Dhabi National Energy Company (TAQA) www.taqa.ae is a global energy company with investment capabilities in power generation, CHP, desalination, mining, renewables, upstream oil/gas, refining/retail, pipelines, metals, services, structured finance and the creation, syndication and management of assets. TAQA was founded in Abu Dhabi in 2005 and listed on the Abu Dhabi Stock Exchange. TAQA has in excess of AED 31bn in assets, turnover of AED3.3bn, and in excess of 7,000 MW (gross) of installed generation.
TAQA operates from its offices in Abu Dhabi with alliance partners across the Gulf, Middle East, North Africa, Sub-Saharan Africa, Europe, Asia, Australia, and the United States.
About Infrastructure Leasing & Financial Services Ltd.
IL&FS was promoted by leading Indian Financial Institutions, with the objective of
commercialising infrastructure projects and providing a full range of financial services.
The Indian shareholders of IL&FS are State Bank of India, Housing Development
Finance Corporation Ltd, Central Bank of India, and Life Insurance Corporation of India,
while the international shareholders including ORIX Corporation, Japan, Government of
Singapore Investment Corporation, HSBC Banking Corporation and Abu Dhabi
Investment Authority.
IL&FS pioneered the entry of private players into infrastructure, which had earlier been an exclusive Government domain. Since its inception, IL&FS has been actively engaged in creating and developing frameworks to enable such commercialization of infrastructure and is in a continuous dialogue with relevant authorities in order to develop legislative changes that promote such intent.
IL&FS, in its capacity as developer, advisor or sponsor, has conceptualised, developed, financed, constructed and operated some of the most prestigious infrastructure projects in sub-sectors such as roads, water supply, waste management, power, industrial parks, textile clusters, ports & shipyards and SEZs in India. Such models have now been successfully replicated across other projects in infrastructure domain.
IL&FS continues to extend its experience in improving the existing sectoral frameworks to improve commercial viability of infrastructure projects and in creating new frameworks in upcoming areas such as railways, urban transport and social infrastructure, through its role as sponsor and advisor.
Apart from its project developer and sponsorships roles, IL&FS has been continuously innovating financial instruments for infrastructure projects and positioning such instruments in the domestic and international Capital Markets.
Company Contact Details
Media Enquiries for Abu Dhabi National Energy Company –
Mr. Edward Barnfield (+971.50.342.8240) or Mr. Michael Wallis (+971.50.458.1844)
