Tata Power International Pte Ltd (TPIPL), a wholly-owned subsidiary of Tata Power Company Limited, has acquired a 10% equity stake in Adjaristqali Netherlands B.V. (ABV) from International Finance Corporation (IFC), the financial arm of the World Bank Group.
The transaction has been valued at $150,000 (₹11.25 million).
The agreement has been signed among Tata Power International, Adjaristqali Netherlands, and the International Finance Corporation.
According to the company’s BSE filing, “Post this acquisition, the company, through TPIPL, holds a 50% stake in ABV.”
Tata Power is one of India’s largest integrated power companies, and together with its subsidiaries, has a total installed capacity of 10,763 MW, according to its portfolio.
Adjaristqali Netherlands B.V, is a subsidiary of Clean Energy Invest, a Norwegian hydro-power generating company. The company builds, owns, and operates hydro projects on the Adjaristsqali River and its tributaries in Adjara in Georgia.
Also, ABV owns a 100% stake in Adjaristqali Georgia LLC, which has developed a 187 MW hydro project in Georgia at the cost of around $500 million (₹37.5 billion).
In April 2020, Tata Power announced that its wholly-owned subsidiary Khopoli completed the sale of the company’s entire stake in Cennergi Private Limited to Exxaro Resources Limited for ZAR 1,550 million (~$84.25 million) and normal working capital and other adjustments.
In February 2020, Mercom reported that Total, a French oil, and gas company, signed an agreement with Adani Green Energy Limited (AGEL) to acquire a 50% stake in a joint venture company for $510 million (~₹36.26 billion).
Earlier, it was reported that ENGIE, a French multinational electric utility company, announced that it was selling a 74% stake in its solar assets in India to Edelweiss Infrastructure Yield Plus.
Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.