Tata Power, through its subsidiary Tata Power International Pte Ltd., has signed an agreement with Clean Energy Invest AS (Clean Energy) and IFC Infra Ventures (IFC) for developing hydro projects in Georgia at an investment of $700 million for sale of power primarily to Turkey.

The hydro projects will be of an aggregate capacity of 400 MW, and developed in three phases. The first phase of 185 MW is expected to be completed before mid-2016. Tata Power and Clean Energy will hold 40 per cent stake each. The power generated by these projects is planned to be vended primarily to Turkey.

Anil Sardana, Managing Director, Tata Power, said, “this relationship with Clean Energy and IFC Infra Ventures puts us on a strong footing to take advantage of the considerable potential of this market.”