The companies signed a memorandum of understanding (MoU) for the strategic joint venture when the Norwegian firm opened an office in Delhi.
Bhutan and Nepal are the key markets for hydropower development as projects will be able to export electricity to India as well as domestically.
TPT is a subsidiary of Tata Power Co, which partly owns a transmission line from the Tala scheme in Bhutan and Delhi and which has capacity to take further hydropower output from the country and Nepal.
The Norwegian company already has a stake (49%) in the Indian firm Malana Power, which has run-of-river plants in operation and development.
In addition, it has a majority holding (50.4%) in Himal Power Ltd, the biggest independent power producer (IPP) in Nepal. The IPP has survey licences and is undertaking concept studies for the Tamakoshi 2 and 3 projects, respectively.
SN Power is owned by Norwegian power utility Statkraft and compatriot risk capital investor Norfund. It is also active in hydropower investment in Peru and the Philippines and developments in Chile.