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Tata Power's JV Shuakhevi Hydro Power Project in Georgia Commences Commercial Production

Posted On: 2020-03-30 10:51:22


Adjaristsqali Georgia LLC, a Joint Venture between Tata Power, Norway's Clean Energy Invest (CEI), and International Financial Corporation (IFC) has announced the start of commercial operation of the 178 MW Shuakhevi Hydro Power Project (Shuakhevi HPP) located in southwest Georgia. Further, AGL will be soon commissioning the 9 MW Skhalta Hydro Power project which is also a component of the overall Shuakhevi Project scheme.

The Shuakhevi HPP is the only project in Georgia's energy sector which has been funded by three of the largest financial institutes such as 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.

Mr Praveer Sinha, CEO and Managing Director, Tata Power, said, "The commercial operation of the Shuakhevi HPP is an important milestone for Tata Power and its partners. Shuakhevi HPP represents the largest and most influential energy project in the last 70 years. The success of the 178 MW Shuakhevi HPP cascades are crucial for the integrity, security and independence of energy in Georgia."

Adjaristsqali Georgia LLC, is a Joint Venture between Tata Power, Norway's Clean Energy Invest, and International Financial Corporation - IFC (part of the World Bank Group) and the overall project cost is approximated USD 500 million.

Tata Power has an installed hydro power capacity of approximately 500 MW with three plants in Maharashtra which generates power for the domestic market. Tata Power also established India's first hydroelectric power generating station of 40 MW at Khopoli in Maharashtra more than a century ago.

Shares of TATA POWER CO.LTD. was last trading in BSE at Rs.33.8 as compared to the previous close of Rs. 35.25. The total number of shares traded during the day was 531375 in over 1580 trades.

The stock hit an intraday high of Rs. 36.9 and intraday low of 33.25. The net turnover during the day was Rs. 18442314.


Source: Equity Bulls

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