Diversified Indian conglomerate, the Tata Group, plans to tap into the hydroelectric sector in Georgia with investment in the Adjaristskali plant.
The company held discussions with Georgia’s Prime Minister Bidzina Ivanishvili to explore the opportunity amongst others.
Georgia’s deputy energy and natural resources minister Mariam Valishvili told Bloomberg that Tata expressed an interest to invest in the project after a meeting with the prime minister in Davos.
In 2011, the International Finance Corporation and Norwegian firm Clean Energy Invest agreed to construct the Adjaristskali plant, proposed for development in the mountainous region of Adjara, Valishvili said.
The project is estimated to have a total installed capacity of 400MW and will require $600m in investment.
The previous government in Georgia, under President Mikheil Saakashvili had signed 42 preliminary deals to set up hydropower facilities in the country.