A consortium of Tata Power and Norwegian entity SN Power has bagged the 236 MW Dugar Hydro Electric Project in Himachal Pradesh. The financial details, however, have not been disclosed.
"The Pre-implementation Agreement will be signed with the Directorate of Energy, Government of Himachal Pradesh shortly," Tata Power said in a regulatory filing.
"A detailed exploration and design study will be undertaken to plan and finalise the project implementation," it added.
Tata Power said the project would be developed through a Special Purpose Vehicle (SPV) formed and owned by the consortium.
The Dugar Hydro Electric Project is in Chenab Valley, Himachal Pradesh. The run of the river project would mainly feed the Northern grid.
"It is the last project in cascade Himachal Pradesh on the river Chandrabhaga (Chenab) and envisages a dam height of 93 metres with an underground cavern type powerhouse at its base," the filing said.
The project contributes to the company's clean fuel portfolio, Tata Power Managing Director Anil Sardana said.
In 2009, Tata Power and SN Power, Norway had entered into an exclusive partnership for developing hydropower projects to meet the rising energy demand in India and Nepal.
"Our association with SN Power has been fruitful and rewarding and is in line with our growth strategy to build global relationships and partnerships with the organisations which are leading performers in their fields," he added.
According to Tata Power, the consortium is working to develop the 880 MW Tamakoshi 3 Project in Nepal, for which they have already got an exploratory license.
Shares of Tata Power were marginally up at Rs 1,321.55 in afternoon trade on the Bombay Stock Exchange.
