Mumbai: Tata Power Co. Ltd said on Friday evening it has partnered with ICICI Venture Funds Management Co. Ltd for creating a platform company to invest up to $850 million in power projects in India over the next two-three years.

The platform is co-sponsored by Tata Power and ICICI Bank and has commitments from partner investors, Caisse de dépôt et placement du Québec (CDPQ) of Canada, Kuwait Investment Authority (KIA) and State General Reserve Fund (SGRF) of the Sultanate of Oman, which are some of the largest investors globally, Tata Power said in a statement.

The investments will be made in projects across thermal, hydro and transmission, which are either in advanced stages of completion or are already operating, it said.

The platform plans to raise an initial capital of up to $850 million to be contributed by the sponsors and partner investors either directly or through their affiliates.

“This can be upsized going forward, depending on market opportunities. The platform targets acquisition of controlling stakes in power generating companies, both conventional thermal, hydroelectric and transmission assets in India," the statement said.

Tata Power in July acquired Welspun Renewables Energy Pvt. Ltd in a 9,249 crore deal and has been looking to buy stressed assets in the power sector.