Azernews.Az

By Sabina Idayatova

India`s largest multinational power company Tata Power, the Norwegian Clean Energy and IFC InfraVentures Foundation are launching the implementation of hydropower projects in Georgia's Black Sea region of Adjara.

The Georgian Premier's office reported on Monday that representatives of Tata Group company have expressed their desire to invest in Georgia at a meeting with PM Bidzina Ivanishvili during the Davos Economic Forum.

Ivanishvili assured the Indian investors about free, fair and stable business environment in Georgia.

The subsidiary company of Tata Group -- Tata Power International Pte Ltd - has signed a contract with the Norwegian company Clean Energy Invest AS (Clean Energy) and the Foundation IFC InfraVentures (IFC) for the implementation of hydropower projects in Georgia.

The hydropower projects with the total designed capacity of 400 megawatts will be implemented in three phases. The completion of the first phase (185 MW) is scheduled for the first half of 2016. TATA Power and Clean Energy each own 40 percent of shares in the projects, while IFC InfraVentures holds 20 percent.

Georgia will use the electric power to meet its domestic needs in winter, whilst will fiocus on exports, including to Turkey, in the summer. The total project cost is $400 million.

"Georgia is a great country to work in and Turkey is a fast evolving energy market in Europe," Tata Power Managing Director Anil Sardana said. "This relationship with Clean Energy and IFC puts us on a strong footing to take advantage of the considerable potential of this market."

Tata Power is India's largest integrated power company with a considerable international presence. The company has a significant presence in wind, solar, hydro and geothermal energy space and with its technology leadership. Tata Power have demonstrated successful public-private partnerships from Fuel and Logistics to Generation and Transmission to Distribution and Trading-exploring various renewable sources of energy in India and globally.

Recall that earlier in April, the State Bank of India also took interest in financing the construction of a hydro power plant in Georgia.

The State Bank of India was to make a decision on allocating a loan finaning 70 percent of the construction costs of the Khudoni HPP after the examination of financial risks of the project.