Srinagar, July 12: J&K Power Development Department and M/s GVK Development Projects Limited have signed a Power Purchase Agreement (PPA) for procurement of power from 690 MW Rattle Hydro Electric Project (RHEP), an official statement said today.
 It said the agreement to procure power on long term basis 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 very recently.
 The RHEP, it said, would be constructed in Village Drabhashala 25 kilo meters 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,” it said.
 “The project,” it said, “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, it said.
 As per agreement, the seller would provide 16 percent free power including 1 per cent LADF to the State, besides, supplying 55 per cent of the balance power to the State at tariff.
 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.

Lastupdate on : Mon, 12 Jul 2010 21:30:00 Mecca time
Lastupdate on : Mon, 12 Jul 2010 18:30:00 GMT
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