The Uttar Pradesh government has approved setting up of an ultra-mega renewable energy park in the state.
The joint project will be set up by the Uttar Pradesh Non-Conventional Energy Development Agency (UPNEDA) and the Tehri Hydro Development Corporation of India (THDC).
The initial target is to develop 600 MW solar park on the basis of Rs four crore per MW. The ultra-mega renewable energy park will be set up with an investment of Rs 2,400 crore.
The State Cabinet has approved the draft memorandum of understanding (MoU), the memorandum of association (MoA) and Articles of Association for JV.
The authorised share capital of the joint venture will be Rs 50 crore, of which UPNEDA will have 26 percent equity and THDCIL’s share will be 74 percent. UPNEDA’s grant in equity will be Rs 13 crore. UPNEDA’s grant in equity will be Rs 13 crore.
The renewable energy park will be set up under the state government’s Solar Energy Policy 2017 and the Ultra Mega Renewable Energy Power Park (UMREPP) Scheme of the Union Ministry of New and Renewable Energy (MNRE).
MNRE will provide Rs 20 lakh per MW or 30 percent of the project value, whichever is less, for development of internal infrastructure and connectivity from the park to the nearest transmission system.
Competitive tariffs will be offered by solar plant developers, and this will enable electricity consumers to get cheaper electricity.
The project will provide direct and indirect employment to 7,200 people once it gets commissioned.