International BusinessTata Power with Norway firm to dev hydropower project
Tata Power and SN Power, Norway’s fast growing international renewable energy company, signed an exclusive partnership agreement to develop joint hydropower projects in India and Nepal.
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This is the first time that Tata Power has entered into exclusive partnership with another hydropower company.The partners aim to have 2000 MW under construction or in operation by 2015, and a total of 4000 MW by 2020.
Tata Power and SN Power have already begun pursuing potential project opportunities based on the vast reserves of renewable energy in the Himalayas.
The business model for the exclusive partnership is to develop hydropower projects that will meet the increasing energy demand in India and Nepal through the provision of clean energy. The partners will also establish a jointly owned services company in India, which will provide each project with world class technical and managerial expertise.
In addition to partnering on new project developments, Tata Power and SN Power are also considering to co-develop the Tamakoshi 3 project in Nepal to which SN Power holds licence rights.
Company has informed BSE regarding a Press Release dated October 30, 2009 titled "Tata Power and SN Power announce exclusive partnership agreement to set up Joint Ventures to develop hydropower projects in India and Nepal".