Tata Power to implement hydropower projects in Georgia
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 May 13 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 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 per cent of shares in the projects, while IFC InfraVentures holds 20 per cent. Georgia will use the electric power to meet its domestic needs in winter.