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Tata Power Company Ltd Ties Up With Clean Energy Invest AS, IFC To Build Power Project In Georgia-DJ

Friday, 10 May 2013 10:24am EDT 

Dow Jones reported that Tata Power Company Ltd said it has inked an agreement with Norway's Clean Energy Invest AS and the World Bank's investment arm, the International Finance Corporation, to build a $700 million hydro-power project in Georgia. The Company said it will build a 400-megawatt project in three phases for the sale of power primarily to Turkey. The facility will be built in an alliance with Clean Energy Invest AS and IFC InfraVentures, a fund created by IFC in 2008 to support and develop infrastructure projects in the world's poorest countries. The first phase of 185 MW is expected to be completed before mid 2016. Tata Power and Clean Energy would hold 40% stake each and rest would be held by IFC. Tata Power has a total generation capacity of 8,521 MW, of which 450 MW is hydro-power.