Tata Power and Norwegian renewable energy company SN Power have signed an exclusive 50:50 partnership agreement to develop hydropower projects in India and Nepal.

Briefing reporters, Tata Power Executive Director S Ramakrishnan said the partners aim to have 2,000 MW of hydropower projects under construction or in operation by 2015 and 4,000 MW by 2020.

Tata Power and SN Power have already begun pursuing potential project opportunities based on the vast reserves of renewable energy in the Himalayas, he added.

There will be a separate special purpose vehicle (SPV) for each project to be pursued under the partnership. The two will also establish a jointly owned services company in India which will provide each project with world class technical and managerial expertise.

In addition to partnering new projects, Tata Power and SN Energy are also considering to co-develop Tamakoshi-3 project for which Norwegian company holds licence rights.