Tata Power, partners secure all financing for 187-MW HPP in Georgia

India’s Tata Power (BOM:500400) said Tuesday it has reached financial close on the 187-MW Shuakhevi hydropower plant (HPP) project in Georgia.

The run-of-river project on the Adjaristskali River in the Adjara region is a joint venture between the Indian company and Norway-based Clean Energy Invest AS, with 40% stakes, and IFC InfraVentures with 20%.

At USD 400 million (EUR 363.6m) in total, this is touted as Georgia's biggest private hydropower investment. The International Finance Corp (IFC), the Asian Development Bank (ADB) and the European Bank for Reconstruction and Development (EBRD) are bringing USD 250 million to the table in the form of long-term project financing.

The Shuakhevi plant construction began in September 2013 and is schedule to go online in 2016. It is estimated that the HPP is going to offset more than 200,000 tonnes of greenhouse gas emissions annually by producing about 450 GWh of clean power per year.

Tata Power is committed to develop 450 MW of HPP projects this year. The company has 576 MW of hydropower capacity in India and Bhutan.

(USD 1 = EUR 0.909)

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