Tata Power commences hydro power project in Georgia; share price down 3%

Tata Power holds 40 percent shares in the joint venture.

March 30, 2020 / 09:38 AM IST
 
 
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Tata Power's joint venture has commenced a hydropower project in Georgia.

The scrip slipped 3 percent on March 30.

Adjaristsqali Georgia LLC (AGL), a joint venture 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, as per company release.

Tata Power holds 40 percent shares in the joint venture.

The successful completion and start of commercial operations are considered crucial for the integrity, security and energy independence of Georgia.

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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, it added.

At 09:27 hrs, Tata Power Company was quoting at Rs 33.20, down Rs 0.75, or 2.21 percent on the BSE.
Moneycontrol News
first published: Mar 30, 2020 09:38 am

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