The joint project will be set up by the Uttar Pradesh Non-Conventional Energy Development Agency (UPNEDA) and Tehri Hydro Development Corporation of India (THDC).
The Uttar Pradesh government has approved the setting up of an ultra mega renewable energy park with an investment of Rs 2,400 crore in the state.
The joint project will be set up by the Uttar Pradesh Non-Conventional Energy Development Agency (UPNEDA) and Tehri Hydro Development Corporation of India (THDC).
The state cabinet has approved the draft memorandum of understanding, the memorandum of association and articles of association for the JV.
The authorised share capital of the joint venture will be Rs 50 crore, of which UPNEDA will have 26% equity and THDCIL’s share will be 74%. UPNEDA’s grant in equity will be Rs 13 crore.
The project will be set up under the UP government’s Solar Energy Policy-2017 and the Ultra Mega Renewable Energy Power Park (UMREPP) Scheme of the Union ministry of new and renewable energy (MNRE).
The MNRE will provide Rs 20 lakh per MW or 30% of the project value, whichever is less, for development of internal infrastructure and connectivity from the park to the nearest transmission system.
The initial target is to develop a 600-MW solar park with an investment of Rs 2,400 crore on the basis of Rs 4 crore per MW. Competitive tariffs will be offered by solar plant developers. This will enable electricity consumers to get cheaper electricity.
According to a study by Solar Energy Corporation of India (SECI), the 600-MW project will provide direct and indirect employment to 7,200 people once the project gets commissioned.
Source: financialexpress
