State-run hydropower utility NHPC signed an agreement to set up three power plants in a joint venture with Orissa for an investment of Rs 2,600 crore (USD 585 million), the state's energy minister said on Thursday.
NHPC will have a 51% stake in the joint venture with Orissa-run Hydro Power Corp Ltd, Atanu Sabyasachi Nayak told Reuters.
The hydropower projects will be built in about five years, with a total capacity of 320 megawatts.
"It will entail for an investment of about Rs 2,600 crore with an annual energy generation of 1,090 million units, having an installed capacity of 320 MW," Nayak said, adding there will be no displacement due to these projects.
(USD 1 = Rs 44.450)
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