UP seeks Rs 55 billion investment in Bundelkhand green energy corridor

ACME, a firm sitting on the largest solar projects, faces fund crunchThe Uttar Pradesh government seeks private investments worth Rs 55 billion in the proposed Bundelkhand green energy corridor that is expected to generate 4,000 megawatt (MW) solar power, said a minister on Friday.UP additional energy resources minister Brijesh Pathak said the state will foot the bill on evacuating power from solar energy projects of 5 mw and above onto the grid in Bundelkhand and Purvanchal regions.The state will promote private solar power parks and as public-private partnerships to reduce its dependence on coal and achieve its target of 10,700 mw solar energy generation by 2022.Pathak, while speaking at UP Green Energy Summit 2018 in Lucknow, said the state would provide 100% exemption in electricity duty to the private companies for 10 years. The companies will be free to sell power to third party as well and they will get 50% and 100% exemption in transmission charges.On account of rising power demand due to incremental growth coupled with the government’s target to provide metered electricity to all the households by next year, the state has projected total power supply to touch 22,500 megawatt (mw) by next peak summer season. However, there is yawning gap between generation and projected demand.While, the government is trying to ramp up solar power generation through on-grid and off-grid solar power plants, including rooftop solar power installations, the grid transmission capacity is also being fortified to handle higher load to prevent tripping.
Source: Business Standard