Tata Power, RDIF to explore investment opportunities in Russia

NEW DELHI: Seeking to strengthen its international footprint, Tata Power, along with Russian sovereign wealth fund RDIF, will explore investment opportunities in the Russian energy sector.

In this regard, the power producer has inked a Memorandum of Understanding (MoU) with Russian Direct Investment Fund (RDIF).

"RDIF and Tata Power will co-operate on identifying and targeting investment opportunities in the energy sector across Russia in order to develop mutually beneficial transactions," Tata Power said in a statement.

The pact has been inked during the visit of Russian President Vladimir Putin.

"The signing of this MoU is a significant milestone for Tata Power and we endeavor to be a significant player in the international energy market," Tata Power CEO and Managing Director Anil Sardana said.

RDIF CEO Kirill Dmitriev said its collaboration with Tata Power would introduce a new, established player into the Russian market.

It would also provide opportunities to leverage the company's expertise in renewable energy production and implementation of large-scale international projects, he added.

Set up in 2011, RDIF makes equity co-investments primarily in Russia.

Already, Tata Power has presence in various international markets, including Indonesia, Singapore, South Africa, Australia and Bhutan, among others.

At present, Tata Power has an installed generation capacity of more than 8,600 MW.