Indian company to implement hydropower projects in Georgia
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.