India Power buys out French stakes in Andhra project

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Chennai, March 3 (IANS) India Power Corporation Ltd (IPCL) along with an arm of Qatar Sovereign Wealth Fund bought out stakes held by French energy major Engie in two power projects in Andhra Pradesh and Indonesia, said investment banking firm Jefferies.

India Power signed a deal with Engie to acquire its holding in Meenakshi Energy Private Ltd operating a 0.3 GW thermal power plant and in the process of constructing 0.7 GW new plant in Andhra Pradesh

Similarly, Nebras Power, the arm of Qatar Sovereign Wealth Fund, signed a binding agreement with Engie to acquire its 35.5 percent stake in East Java-based Indonesian power company PT Paiton Energy.

India Power is part of the Kanoria Foundation operating wind and solar power plants.

Jefferies acted as sole financial adviser to Nebras Power and India Power Corporation in their acquisitions in Indonesia and India, respectively.

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