India’s government approves $724m hydropower project
Out-Law News | 28 Jan 2021 | 6:09 am |
India has approved a Rs52.8billion ($724 million) investment for 850 megawatt (MW) Ratle hydropower project on Chenab river in Jammu and Kashmir.
A joint venture will be formed for this project by National Hydroelectric Power Corporation (NHPC), India’s largest organisation for hydropower development and Jammu & Kashmir State Power Development Corporation (JKSPDC).
The project will start its commercial operation within five years.
The Jammu and Kashmir state government will extend the water fee exemption period to 10 years after the project starts operating and repay the state s share of goods and services tax. The free electricity is granted by the state on a declining basis, 1% free electricity in the first year of operation and to increase 1% each year and to reach 12% in the 12
NHPC announced that Union Cabinet on 20 January 2021 has given its approval for the investment of Rs. 5281.94 crore for 850 MW Ratle Hydro Electric Project located on river Chenab in Kistwar district of Union Territory of Jammu & Kashmir, by a new Joint Venture Company (JVC) to be
incorporated between NHPC and Jammu & Kashmir State Power Development Corporation (JKSPDCL) with equity contribution of 51% and 49% respectively.
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