Georgia, Tbilisi, May 13 / Trend, N. Kirtzkhalia /
Tata POWER and CLEAN ENERGY as well as the IFC InfraVentures Foundation have begun work on several hydro electricity generation projects in Georgia.
As reported on Monday by the press service of the Prime Minister of Georgia, representatives of the largest multinational Indian company "Tata Group" expressed a desire to invest in Georgia during the meeting with the Prime Minister Bidzina Ivanishvili in Davos.
During the January 24 meeting, Georgian Prime Minister has assured Indian investors that the "free, fair and stable business environment" awaits them in the country.
According to the report, on 10 May 2013, Tata Group's subsidiary company, Tata Power International Pte Ltd, 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 total capacity of the hydro power projects will be 400 megawatts. The projects will be implemented in three phases. Completion of the first phase (185 MW) is planned for the first half of 2016. TATA POWER and CLEAN ENERGY each own a 40 percent stake in the project, while the IFC InfraVentures Foundation has 20 percent. The generated energy will be used to meet domestic needs in the winter, and in the summer, it will focus on exports, including to Turkey.
The total project cost amounts to $400 million.