Cabinet clears ₹4,287-cr for hydro power project

The Union Cabinet has cleared ₹4,287 crore for the 624-MW Kiru Hydro Electric Project in Kishtwar district of Jammu & Kashmir by NHPC and the state power development utility. The project will be commissioned in 4.5 years. The NHPC has replaced PTC India as aggregator for the second round of aggregation scheme for procurement of 2,500-MW power purchase agreements for three years. NHPC will sign an agreement for power procurement with stressed power plants and back-to-back power supply pacts with discoms. NHPC will receive trading margin from discoms for aggregation between generators and distribution companies as the company has targeted an installed capacity of 10,000 MW by 2022 — up from 7,071 MW. In a related development, NHPC is also going all out to bid for the 120-MW Jal Power Corporation plant in Sikkim, when the project will go on sale under the bankruptcy court shortly. The company has also secured Cabinet nod to invest ₹5,748 crore in the 500-MW Lanco Teesta Hydro Power it had acquired for ₹907 crore through NCLT. The project is likely to be commissioned in 3.5 years, said CMD, Balraj Joshi.