New Delhi: Tata Power Co is in pact with Clean Energy Invest AS and IFC InfraVentures to develop two hydro power projects totalling 400 mw 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 sector-- generation (thermal, hydro, solar and wind), transmission, distribution and trading. Tata Power has been exploring opportunities aboard disappointed at the slowdown in the Indian power se
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