ABU DHABI, Nov 7 (Reuters) - Abu Dhabi National Energy Company (TAQA) has begun selling electricity from its hydro power project in north India, which will provide another revenue stream for the company which has been hit by low oil prices.
The state-controlled oil exploration and power supply group swung to a net loss of 421 million dirhams ($114.7 million) in the second quarter as revenues from oil and gas nearly halved partly on the impact of the lower prices.
The 100 megawatt Sorang hydro power project started selling power to northern India from Oct. 31, TAQA said in a statement. The facility can supply emissions-free electricity to 500,000 homes at full capacity, it said.
TAQA holds a minority stake in Himachal Sorang Power Private Ltd, the developer of the Sorang hydro power project in the north-Indian state of Himachal Pradesh.
Last month, TAQA said it began commercial operations at the expanded T2 power plant in Ghana. In April, TAQA announced full commercial operations at its Bergermeer gas storage facility in the Netherlands.
“We are keen to participate in meeting India’s growing energy needs through the completion of this project which provides cost-efficient power and helps develop renewable energy sources,” Saeed Mubarak al-Hajeri, chairman of TAQA said in the statement.
TAQA’s India operations also include a 250 MW lignite power station in the Neyveli region of south India.
Next week, TAQA will be reporting its third quarter earnings.
TAQA is 75 percent owned by the government of Abu Dhabi, capital of the United Arab Emirates. (Reporting By Stanley Carvalho, editing by Jane Merriman)