India's largest integrated private power utility firmTata Power Co. Ltd. said its subsidiary Khopoli Investments Ltd. and South Africa-based firm Exxaro Resources Ltd. formed a 50:50 joint venture to create a new energy company by name "Cennergi (Pty.) Ltd."
Cennergi, which Will be based in South Africa, will focus on the investigation of feasibility, development, ownership, operation, maintenance, acquisition and management of electricity generation projects in South Africa, Botswana and Namibia. The initial project pipeline focuses on renewable energy projects in South Africa and Cennergi's strategy is to create a balanced portfolio of generation assets.
Cennergi will be officially launched with effect from April 2012, it said.
Exxaro CEO Sipho Nkosi said, "Cennergi has been created by companies from developing nations to serve developing nations. We expect Cennergi to pay a key role in the African electricity generation market."
Speaking on the development, Tata Power Managing Director Anil Sardana said, "Tata Power is happy to pursue new avenues in the international space by partnering with good local entities. The joint venture is consistent with our 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. Through this partnership, we will be able to pursue business opportunities holistically and make responsible contribution in this high potential region."
At the BSE, Tata Power shares are currently trading at Rs.113.30, down by 1.99 percent from the previous close.
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