According to Civil Georgia (13 May), Tata Power, India’s largest integrated private power utility, Norway-based Clean Energy Invest AS and IFC InfraVentures signed an agreement to develop hydro power projects in Georgia’s Black Sea region of Adjara with an aggregate capacity of 400MW and an estimated cost of US$ 700mn. According to the company, the projects will be developed in three phases with the first phase of 185MW expected to be completed before mid-2016. The power generated by these projects is planned to be exported to Turkey. Tata Power and Clean Energy will hold 40% each with the rest owned by IFC InfraVentures, the fund established by the International Finance Corporation (IFC), to support and develop private and public-private partnership infrastructure projects.
