J-K Power Corp to invest Rs 1,850 cr in new projects

The annual budget of Rs 1,850 crore was approved by the Board of Directors of the JKSPDC during a two-day meeting chaired by Chief Minister Omar Abdullah here,an official spokesman said today

He said the budget including equity investment in the major power projects – BHEP-II,Parnai,Lower Kalnai,New Ganderbal,Kirthai-I ,Kirthai-II,Pahalgam,Hanu,Dah and the three Projects under Joint Venture namely Kiru,Kawar and Pakaldull.

The board expressed its appreciation while noting that the Corporation is on a path of growth and progress reflected by earning of a profit of about Rs 345 crore during 2011-12,the spokesman said.

He said Chief Minister received detailed account of modus operandi of launch of new power projects by the JKSPDC.

The spokesman said the board approved invitation of tenders for development of 390 MW Kirthai-I and 990 MW Kirthai-II as fully state-owned projects through EPC mode.

The board approved award of contracts for 9 MW Hanu and 9 MW Dah to the eligible lowest bidder on the basis of tender process successfully completed by the Corporation.

A five MW technology Demonstration cum Resource assessment Geothermal Project will be developed in IPP mode at Pugah Leh to herald the beginning of harnessing rich geothermal reserves in Ladakh region,the spokesman said.

While approving the Capacity of 1856 MW for flagship Sawalkote HEP,the spokesman said the Board emphasised the need to expedite the completion of Detailed Project Report and Techno Economic Clearance from CEA of the project. In respect of Baglihar stage-II for which financial closure has been achieved in record time in view of the confidence of the lenders and credit worthiness of JKSPDC,the Board decided to execute necessary agreements with PFC and J&K

Bank for funding the debt component of Rs 2,179 crore,he said.