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Tata Power Friday has entered into a deal with Norwegian renewable energy company S N Power for the development of hydropower projects in India and Nepal. The deal is the first ever deal signed by a Tata firm with a hydropower firm.
"Together, the joint venture aims to add 2,000 MW by 2015, and a total of 4,000 MW by 2020," the company said in a regulatory statement.
Both companies have begun pursuing potential renewable energy project opportunities in the Himalayas.
"SN Power provides valuable hydropower experience from Norway as well as from key projects in emerging markets, including India and Nepal," said Banmali Agarawala, Tata Power's executive director of strategy and business development.
Added Oiatein Andresen, SN Power's president and chief executive: "The partnership allows us to combine our extensive hydropower competence with their large scale industrial experience."
