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| PPA signed for power procurement | | |
EARLY TIMES REPORT
SRINAGAR, July 12: Jammu and Kashmir Power Development Department and M/s GVK Development Projects Limited have signed a Power Purchase Agreement (PPA) recently for procurement of power on long term basis from 690 MW Ratle Hydro Electric Project (HEP).
The agreement was signed by the Principal Secretary, Power Development Department, B.R. Sharma and Chief Financial Officer of M/S GVK Development Projects Limited, Isaac George.
The HEP project would be constructed in Village Drabhashala, 25 kms downstream of Kishtwar on Build, Own, Operate and Transfer (BOOT) basis. It would come into existence through private participation for a period of 35 years excluding 7 years of construction. The project will be reverted to the State on payment of a terminal value of Rs. 380 crore.
The project is expected to be completed by 2017. Besides, providing employment opportunities to the educated unemployed youth of the State in general and Kishtwar area in particular, it would also narrow down the gap between supply and demand of power.
As per agreement, the seller would provide 16 per cent free power, including 1 per cent LADF to the State, besides, supplying 55 per cent of the balance power to the State at tarrif.
Commissioner Secretary, Planning and Development Department, B.B. Vyas, Commissioner Secretary, Finance, Sudanshu Pandey, Commissioner Secretary, Forest, Shantmanu, Managing Director, Jammu & Kashmir State Power Development Corporation, Shaleen Kabra and other senior officers of PDD and Power Development Corporation were present on the occasion.
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