Norwegian energy company SN Power and Mumbai’s Tata Power plan to invest up to 150 billion rupees (US$3.2 billion) to build hydroelectric projects in India and Nepal.

The joint venture partners want to build 2,000 MW of hydropower capacity by 2015. By 2020, they hope to have 4,000 MW in operation, the companies said.

Each project will be developed through a Special Purpose Vehicle structure. For SPVs in Nepal, SN Power will hold 50 percent of the total issued and paid-up capital of the SPV plus one equity share. For SPVs in India, Tata Power will hold 50 percent of the total issued and paid-up capital of the SPV plus one equity share.

Also, both companies are considering co-developing the Tamakoshi 3 hydroelectric project in Nepal. SN Power holds the licensing rights to that project.