Mumbai, Oct. 30: Tata Power, the country’s largest non-state-run power company, will partner Norway’s SN Power to develop 2000MW of hydroelectric projects by 2015.

The Tata group company is likely to invest about $3.2 billion in developing hydroelectric power projects in India and Nepal. Financing for these projects has not been firmed up. However, the company hopes to secure funds from international lenders.

Tata Power and SN Power have begun looking for opportunities based on renewable energy reserves in the Himalayas and expect to have projects producing 4,000MW of power by 2020. Tata Power’s executive director (strategy and business development) Banmali Agrawala, said, “SN Power provides valuable experience from Norway as well as from key projects in emerging markets, including India and Nepal.”

Tata Power and SN Power may also co-develop the Tamakoshi 3 project in Nepal for which the latter holds licensing rights. The projects in India will be developed through special purpose vehicles in which Tata Power will hold 50 per cent of the total issued and paid-up capital.

Tata Power may also consider buying coal from a mine in Mozambique that is being developed by Riversdale Mining Ltd of Australia. The company is looking for coal assets as it plans to nearly double its generation capacity.

Tata Power shares fell a little over 4 per cent on Friday to Rs 1343.20. The company has recorded a drop of 28 per cent in its net profit for the second quarter ended September 30.