The project is being developed by Adjaristsqali Georgia, a joint venture between Tata Power, Clean Energy Invest of Norway and IFC InfraVentures.
The $250m funding has been provided by IFC, the Asian Development Bank (ADB), and the European Bank for Reconstruction and Development (EBRD).
The project will comprise the Shuakhevi and Skhalta hydropower plants located in the Adjara region, in southwest Georgia.
Approximately 450GWh of power is expected to be produced by the project per annum. It will also reduce 200,000 tons of greenhouse gas emissions annually.
Development of the Shuakhevi plant was commenced in September 2013 and the plant is anticipated to begin energy generation in 2016.
Tata Power CEO and managing director Anil Sardana said: "We would like to thank the Government of Georgia for their support in exploring Georgia’s huge hydropower potential.
"We are expanding our footprints globally and to achieve that we are scouting newer clean and green power projects in different geographies, in addition to investing in implementation of eco-friendly technologies to continuously reduce our carbon footprint and join the global initiatives to combat climate change."
Tata Power is focusing on reducing its carbon footprint via clean and renewable energy generation. The company is planning to produce 20% to 25% of its total generation capacity from clean energy sources.
