JSW Energy Ltd. said its wholly owned step-down subsidiary JSW Energy Kutehr Ltd. signed a Power Purchase Agreement (PPA) with Haryana Power Purchase Center (HPPC) for the supply of 240MW of hydroelectric power.
The PPA is valid for 35 years (with a further extension on mutually agreed terms) and signed with a tiered maximum tariff of £4.50/kWh (ex-rail), the company said in a statement.
The PPA capacity was selected through competitive bidding on July 3, 2018, through an expression of interest invited by the HPPC, she added.
JSW Energy Kutehr is currently constructing the 240 MW (3×80 MW) hydroelectric power station in Kutehr, Chamba district of Himachal Pradesh.
“Construction of the project is progressing well ahead of schedule, with 65% of the tunnel work completed by February 2022 and expected to be operational by September 2024,” the company said.
Haryana Power Purchase Center will purchase the power on behalf of Uttar Haryana Bijli Vitran Nigam (UHBVN) and Dakshin Haryana Bijli Vitran Nigam (DHBVN).
With the board’s approval of the corporate reorganization, the renewable energy (green) businesses, including hydropower, are to be operated under a wholly owned subsidiary, JSW Neo Energy Ltd. to be accommodated.
Prashant Jain, Joint Managing Director and CEO of JSW Energy said: “Construction of the project is well underway and will be completed in India in record time.”
