Tata Power Company, India's largest private sector power utility, has announced a partnership with Norwegian renewable energy company SN Power to invest Rs15,000 crore for developing hydro-power projects in India and Nepal over the next five to eight years.
The partners propose to have 2,000 MW of projects under construction or in operation by 2015, and a total of 4,000 MW by 2020.
"Tata Power and SN Power have already begun pursuing potential project opportunities based on the vast reserves of renewable energy in the Himalayas," a Tata Power release said, adding, "This is the first time that Tata Power has entered into an exclusive partnership with another hydropower company."
Besides catering to increasing energy demand in India and Nepal, the partnership will also establish a services company in India for providing projects with world-class technical and managerial expertise.
Besides new projects, Tata Power will also participate in developing the Tamakoshi 3 power project in Nepal for which SN Power holds licence rights.
"SN Power provides valuable hydropower experience from Norway as well as from key projects in emerging markets, including India and Nepal. We look forward to working together to jointly develop efficient, high-quality and sustainable projects that bring significant benefits to the region as well as local communities. SN Power's philosophy and business principles are very much like Tata's. This gives us a solid platform for cooperation from day one," said Banmali Agrawala, Tata Power's executive director of strategy and business development.