Shimla, Oct 27 (UNI) The agreement for the implementation of 775 MW Luhri hydro power project and 40 MW Dhaulasidh hydro power project was signed between the public sector corporation, Satluj Jal Vidyut Nigam Ltd (SJVN) and Government of Himachal Pradesh here today.
According to a press release issued here the agreement was signed by Mr H K Sharma Chairman-cum-Managing Director (CMD), SJVN and Mr Ajay Mittal, Principal Secretary (MPP and Power) of the HP government.
Chief Minister Prem Kumar Dhumal and Chief Secretary Asha Swarup were present on the occasion.
Complementing SJVN for the successful implementation and operation of the country's largest 1500 MW Nathpa Jhakri Power Station, Prof Dhumal hoped that the corporation would implement the ongoing 412 MW Rampur hydro power project in a record time.
The 775 MW Luhri project is being implemented on river Satluj between villages Nirath and Chaba in Mandi and Kullu districts respectively.The project is located downstream of the 412 MW Rampur project which is already under construction.
The proposed 40 MW Dhaulasidh project will be implemented on river Beas near village Sanotu 23 kms from Nadaun in Hamirpur district.
The MoU on Luhri project entails formation of Special Purpose Vehicle (SPV) having equity partipation of the Union Government through SJVN in the rato of 51:49 per cent. Meanwhile the state government has agreed to allow SJVN to intiate the steps to build, execute, implement, operate and maintain the project till formal constitution of the SPV.
The equity portion on behalf of central government and 25 per cent equity portion of Himachal Pradesh government shall be funded by SJVN from its internal accruals arising out of the operations of 150 MW Nathpa Jhakri Hydro Power Station (NJHPS) and the differential amount shall be subscribed and paid by the state government to make its equity contribution of 49 per cent.
The agreement envisages 12 per cent of the energy generated from the projects to the state government free of cost. The 49 per cent or the percentage as determined on actual paid up capital by the HP government shall determine its share in the remaining 88 per cent generation at busbar rates.
The state government shall also be allocated additional power to the extent of fully unallocated power, that is 15 per cent of 51 per cent of the saleable energy available with the central government during the winter months (Oct to March) at busbar rates.
UNI XC HS BK1740