Indian law firms Trilegal and Vaish Associates are advising on Abu Dhabi National Energy Co’s (TAQA) proposed $1.6 billion purchase of two Indian hydroelectric power plants from Jaypee Group-owned Jaiprakash Power Ventures.

TAQA, with 51 percent of the consortium, will control the operations and management of the two plants, Baspa Stage II and Karcham Wangtoo, under the deal. PSP Investments, one of Canada’s largest institutional investors, will own 39 percent and an infrastructure fund run by India’s IDFC Alternatives will hold 10 percent, according to a Reuters report.

The group will spend $616 million on equity in the plants, and in addition take over their non-recourse project debt, a TAQA spokesman told Reuters.

A Trilegal team led by partners Yogesh Singh and Saurabh Bhasin is advising the consortium comprised of Indo-Infra Inc, a wholly owned subsidiary of PSP, India Infrastructure Fund – II, a fund managed by IDFC Alternatives, and TAQA. Vaish Associates is representing Jaiprakash Power Ventures, with partner Bomi Daruwala leading the team.

AZB partner Ashwin Ramanathan and associates Qais Jamal and Rohit Sharma, meanwhile, are advising PSP (Public Sector Pension Investment Board, Canada) on the deal. 

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