NEW DELHI: Tata Power, along with South Africa’s Exxaro Resources today launched their joint venture Cennergi (Pty) Ltd that would focus on developing electricity generation projects in the African continent.
Cennergi also marks a major overseas foray for Tata Power,India’s largest private power generator.
The 50:50 joint venture entity would serve the expanding energy markets in South Africa, Namibia and Botswana, Tata Power said in a statement.
“The initial project pipeline focuses on renewable energy projects in Southern Africa and Cennergi’s strategy is to create a balanced portfolio of generation assets,” it said.
South Africa-based Cennergi would focus on investigation of feasibility, development, ownership, operation, maintenance, acquisition and management of power generation projects.
Tata Power Managing Director Anil Sardana said the joint venture is consistent with the company’s strategy of pursuing growth opportunities for energy development in potential markets.
“We look forward to working together with Exxaro to jointly develop efficient, high-quality and sustainable projects that will bring significant benefits to the region as well as local communities,” he said.
Tata Power, which is battling various domestic power sector woes including high coal prices, announced details about the joint venture in the first week of March.
In February, Sardana had told PTI that Tata Power was becoming very active internationally, both for projects as well as resources.
He had also pointed out that his company cannot “keep waiting” for issues to get resolved in the Indian power sector.