Firm to generate Georgian power for Turkish use

MUMBAI - Reuters

Hydropower projects developed by India’s Tata Power are estimated to cost a $700 million. DHA photo

India’s Tata Power has signed an agreement to develop two hydro projects in Georgia for the sale of power, primarily to Turkey, at an estimated cost of about $700 million, the company said in a statement on May 10.

The hydro projects, expected to have an aggregate capacity of 400 megawatts, would be developed in three phases with the first phase expected to be completed before mid-2016.

Tata Power and Clean Energy would hold 40 percent stake each. The power generated by the projects is planned to be vended primarily to Turkey.

Tata Power has an existing hydro generation capacity of about 450 MW in Maharashtra, India, that feeds clean power to the city of Mumbai. The company has been resilient to increase its portfolio in hydro power generation which includes Tata Power’s partnership with Norway-based SN Power to develop hydropower projects. Currently, the JV consortium has bagged the “Dugar Hydro Electric Project” in India.