Tata Power, SN of Norway plan Rs 15,000 cr hydel projects
– Paul Noronha
Mumbai, Oct. 30
Tata Power Company and SN Power of Norway will invest about Rs 15,000 crore over the next six to eight years to develop hydropower projects in India and Nepal.
The plan includes readying 2,000 MW by 2015 and about 4,000 MW by 2020.
Mr S. Ramakrishnan, Executive Director (Finance), Tata Power, told reporters that developing 2,000 MW would require about Rs 15,000-crore investment at about Rs 7.5 crore a MW cost.
“At 70:30 debt, equity ratio Tata Power would have to raise Rs 2,250 crore over six years. A separate special project vehicle will be set up for each hydroelectric project and a third partner could also be brought in at an appropriate time,” he said.
Joint company
The partners will also establish a jointly-owned services company in India which will provide each project with technical and managerial expertise.
Mr Banmali Agrawala, Tata Power’s Executive Director (Strategy and Business Development), said there was a huge demand for peaking power in India and hydropower was one of the best ways to meet this.
Power plants that run only when there is high electricity demand are known as peaking plants.
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