Tata Power Forms JV for $700 million Hydro Project in Georgia
Tata Power Co is in pact with Clean Energy Invest AS and IFC InfraVentures to develop two hydro power projects totaling 400MW in Georgia at an estimated cost of $ 700 million, the Tata group power utility said Friday.
Tata Power and Clean Energy would hold 40% stake each in the joint venture. The hydro projects would be developed in three phases with the first phase expected to be completed before mid-2016. They will primarily supply electricity to Turkey.
“We are delighted to be broadening our foothold in key international markets through this development. Georgia is a great country to work in and Turkey is a fast evolving energy market in Europe,” Anil Sardana, Managing Director, Tata Power, was quoted as saying in a statement.
Tata Power aims to generate 20-25% of its total generation capacity from clean energy sources. It has an installed generation capacity of 8,521 MW in India and a presence in all the segments of the power generation sector, transmission, distribution and trading. Tata Power has been exploring opportunities aboard disappointed at the slowdown in the Indian power sector due to problems relating to land acquisition, environment clearance, fuel linkage, among others.