The GMR Energy has bagged the 180 MW Holi Bajoli Hydro Electric Project proposed to be set up across the river Ravi in Himachal Pradesh. The Rs.1,050 crore project is a run of the river project in Chamba district.

Reliance Energy, Jaiprakash Hydropower Ltd, Lanco, Moser-Baer India, Torrent-Gammon Consortium, and Larsen and Toubro were the other bidders. In all, 18 bidders submitted the request for qualification, floated by the HP State Electricity Board.

Himachal Pradesh would be allotted free power from the project to the extent of 12 per cent of the generation for the first 12 years as per the term. The other beneficiary states include Haryana, Punjab and Delhi.

GMR will bring in Rs.210 crore as equity while the remaining Rs.840 crore will be sourced through debt financing.

The project is expected to go into commercial operations by 2014.