CLP Holdings has revived a US$1.3 billion power plant project in the southern Indian state of Karnataka after reaching a verbal agreement with Tata Power.
CLP chairman Michael Kadoorie said an agreement had been reached with India's Tata Power to develop the coal-fired project in India, but it had yet to be formalised.
CLP, through its overseas arm CLP Power International, and its US-based partner in the project, Cogentrix Energy, announced in December they had jointly decided to cease work on the site in Mangalore.
Cogentrix is staying out of the project, with Tata Power slated to replace it.
The project was behind schedule and there had been difficulties in obtaining approval from the authorities.
The agreement on the Indian project follows Friday's announcement that CLP, Hong Kong's biggest electricity provider, had forged an alliance with the mainland's State Power Corp of China.
The agreements are seen as a big boost to CLP's hopes of building a strong regional presence.
