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Tata Power’s subsidiary Tata Power International has signed an agreement with Norwegian hydro power company, Clean Energy Invest, and IFC InfraVentures to develop hydro projects worth $700 million in Georgia.
The electricity generated is primarily for sale to Turkey.
IFC InfraVentures is an early stage project developer launched by IFC, a member of the World Bank Group.
Tata Power said the hydro projects’ capacities would add up to 400 MW and would be developed in three phases. The first phase of 185 MW is expected to be completed before mid-2016. Tata Power and Clean Energy would hold 40 per cent stake each and IFC InfraVentures the balance.
shanker.s@thehindu.co.in
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