The government approved a proposal for state-run hydro power generator NHPC Ltd. to take over debt-laden Lanco's 500 megawatt Teesta hydro-electric power project in Sikkim.
“The Cabinet Committee on Economic Affairs gives approval for the investment sanction for acquisition of Lanco Teesta Hydro Power Ltd. and execution of balance work of the Teesta Stage-Vl Hydro Electric Project by the NHPC in Sikkim,” according to an official statement.
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Earlier, briefing reporters on the decision taken by the Union Cabinet headed by Prime Minister Narendra Modi, Union Finance Minister Arun Jaitley said NHPC has also been allowed to spend around Rs 574 crore to complete the balance work at the project.
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The project would be implemented with an estimated cost of around Rs 5,748 crore (at July 2018 price level). The project would generate 2,400 million units of power in 90 percent dependable year with an installed capacity of 500 MW.
Teesta Stage-VI hydro-electric project is a run of river scheme in Sirwani Village of Sikkim to utilise the power potential of Teesta river basin in cascade manner.
The project shall help in meeting peaking demand of energy, balancing and ramping requirement of the grid.
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