The company bagged a 1,320 MW Long Phu 2 power project in Vietnam, earlier in 2013. This pact was signed at a meeting with Prime Minister Manmohan Singh and General Secretary of the Communist Party of Vietnam Nguyen Phu Trong, who is currently on a visit to India.
The agreement was signed by Tata Power managing director Anil Sardana and Nguyen Khac Tho, Deputy Director General of Vietnam's Energy Department, an official statement said. The project, consisting of two units of 660 MW each is likely to come up at an investment of over Rs 10,000 crore.
"The MoU approves Tata Power belonging to Tata Group to act as Investor to develop Long Phu 2, coal-fired Power Plant Project of 2x660 MW capacity," the Ministry of External Affairs said on its website.
"The project will be designed, engineered, procured, contracted, constructed, owned, operated and maintained through a BOT Company owned by Tata Power and additional investors, with Tata Power as the lead member and will reach commercial operation in accordance with agreements with the Vietnam side," it added.
The company tied up funds for 95 MW Tsitsikamma Wind Farm Project in South Africa Joint Venture Company with Exxaro, Cennergi, in July 2013. Tata Power has done the financial closure of its 135 MW Amakhala Emoyeni Wind Farm Project in South Africa.
The wind projects will be located in Eastern Cape, South Africa and are expected to achieve commercial operations in 2016. Tata Power generates about 8,521 MW of power from energy sources like thermal (coal, gas, oil), hydroelectric, solar, wind and geothermal energy. It has generation capacities in the states of Jharkhand, West Bengal, Gujarat, and Karnataka.
Meanwhile, a MoU between the two Ministries of Finance was also signed on Wednesday. Mdm Vu Thi Mai Deputy Minister for Finance in Vietnam and Arvind Mayaram, Secretary, Department of Economic Affairs signed the pact. The MoU will permit the parties to strengthen exchanges and share experiences in the fiscal policies for transitional economies, macroeconomic management, budget management process, financial policies to support high technology and software technology development.
Exchange of financial policies would be used to develop policies in related areas as mutually agreed by the parties
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