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tata power company announces the start of commercial operation of hydro power project jv

In an exchange filing made after market hours on Friday, 27 March 2020, Tata Power Company said Adjaristsqali Georgia LLC (AGL), a Joint Venture (JV) between Tata Power, Norway's Clean Energy Invest (CEI) and International Finance Corporation (IFC) announced the start of commercial operation of the 178 MW Shuakhevi Hydro Power Project (Shuakhevi HPP) located in southwest Georgia. Tata Power holds 40% shares in the Joint Venture

The Shuakhevi HPP is the only project in Georgia's energy sector which has been funded by three of the largest financial institutions viz. 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 200,000 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 in that country.

Tata Power Company stock closed 3.69% lower at Rs 33.95 yesterday, 27 March 2020.

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.

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