MoUs of Rs 1.25 lakh crores to light up power sector

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MoUs of Rs 1.25 lakh crores to light up power sector

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LUCKNOW: The ailing power sector of Uttar Pradesh got a big boost with investment proposals worth around Rs 1.25 lakh crores coming on the first day of UP Investors’ Summit.

In all, 84 MoUs were inked between UP government and industry, essentially for development of power infrastructure and setting up of renewable energy projects in the state. The conventional power transmission and distribution system saw 42 MoUs, worth Rs 67,000 crores, being signed between state government and private companies. MoUs of Rs 60,000 crore were signed in the renewable energy sector.

The Adani Group alone promised an investment of Rs 4,000 crore for setting up transmission lines and sub-stations in the state. Investment largely poured in for setting up of power transmission system to cater the heavy demand for power in the country’s most populous state.

Additional energy sources minister Brajesh Pathak said that the state needs to tap the solar energy potential in areas like Bundelkhand. “The state government has already framed policies, and is giving subsidy to solar power developers,” Pathak said, while speaking at the session titled ‘Renewable Energy: Opportunity Unlimited’.
Principal secretary, energy and alternative energy, Alok Kumar said that against total potential of around 23,000 MW, the state has till date been able to harness only 500 MW. The state government, he said, has now floated tenders for setting up solar power plants of total capacity of 1,000 MW.