Tata Power on Monday (30 March) announced that its joint venture, Shuakhevi hydro power project, in Georgia commenced commercial production.
Adjaristsqali Georgia LLC (AGL), a joint venture between Tata Power, Norway's Clean Energy Invest (CEI), and International Financial Corporation (IFC), has announced the start of commercial operation of the 178 MW Shuakhevi Hydro Power Project (Shuakhevi HPP) located in southwest Georgia. Further, AGL will be soon commissioning the 9 MW Skhalta Hydro Power project which is also a component of the overall Shuakhevi Project scheme.
The Shuakhevi HPP is the only project in Georgia's energy sector which has been funded by three financial institutes, namely, European Bank of Reconstruction and Development (EBRD), Asian Development Bank (ADB) and IFC, a member of the World Bank Group.
The project will generate around 450 GWh of clean energy to reduce the emission of greenhouse gases by more than 2 lakh tonnes a year. The successful completion and start of commercial operations are considered crucial for the integrity, security and energy independence of Georgia. The power generated by the project will be exclusively sold within Georgia throughout the winter which is a period of energy deficit.
Adjaristsqali Georgia LLC, is a joint venture between Tata Power, Norway's Clean Energy Invest, and International Financial Corporation - IFC (part of the World Bank Group) and the overall project cost is approximated $500 million.
Also Read
Tata Power has an installed hydro power capacity of approximately 500 MW with three plants in Maharashtra which generates power for the domestic market. Tata Power also established India's first hydroelectric power generating station of 40 MW at Khopoli in Maharashtra more than a century ago.
Tata Power Company's consolidated net profit rose 26.08% to Rs 178.86 crore on a 11.42% fall in net sales to Rs 7,071.03 crore in Q3 December 2019 over Q3 December 2018.
Tata Power Company's principal businesses are in the areas of generation, transmission, distribution-cum-retail, power trading, power services, coal mines and logistics, strategic engineering for defense applications, solar photovoltaic (PV) manufacturing, and engineering, procurement and construction (EPC) services. The company's segments include power, coal and others.
Shares of Tata Power Company were down 2.06% at Rs 33.25. The scrip hovered in the range of Rs 32.60 to Rs 34.35 so far.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
