The proposed hydro projects, accounted to be around $700m, will have an installed capacity of about 400MW and will be developed in three phases.
The first phase of 185MW is scheduled for completion by the end of mid 2016.The power generated by the projects will be sold primarily to Turkey.
Tata Power and Clean Energy will each have a 40% stake in the hydro power projects.
Commenting on the deal, Tata Power managing director Anil Sardana said the company is aiming to expand its presence into key international markets through this development.
"Georgia is a great country to work in and Turkey is a fast evolving energy market in Europe. This relationship with Clean Energy and IFC InfraVentures puts us on a strong footing to take advantage of the considerable potential of this market," added Sardana.
Currently, Tata Power has a hydro generation capacity of about 450MW in the Indian state of Maharashtra that feeds clean power to the city of Mumbai.
Tata Power has formed partnership with Norway-based SN Power and Royal Government of Bhutan to develop hydropower projects, including Dugar Hydro Electric Project in Chenab Valley in Himachal Pradesh and 114MW Dagachhu Hydro Project with Druk Green Power.
Meanwhile, the company is aiming to lower its carbon footprint through focus on clean and renewable energy generation, as part of its sustainability initiatives.
