On Wednesday, PM Modi approved the investment of Rs 4,526.12 crore for the 540 Megawatt (MW) Kwar Hydro Electric project located on river Chenab, in Kishtwar district of Jammu and Kashmir, under the Cabinet Committee on Economic Affairs.

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Chenab Valley Power Projects Private Limited (CVPPPL)has a joint venture NHPC Limited and Jammu and Kashmir State Power Development Corporation (JKSPDC) with a contribution of equity shares of 51 per cent and 49 per cent, respectively.

The project shall generate 1975.54 million units in a 90 per cent dependable year, according to the statement in the cabinet meeting. The GOI is extending a grant of Rs 69.80 crore towards the cost of Enabling Infrastructure and also supporting the Union Territory of Jammu and Kashmir by providing a budget of Rs 655.08 crore for the equity contribution of JKSPDC (49 per cent) in CVPPPL.

NHPC shall invest its equity (51 per cent) of Rs 681.82 crore from its internal resources. The Kwar Hydro Electric Project shall be commissioned within 54 months. The Power generated from the Project will help in balancing of Grid and will improve the power supply position, the statement said.
The project’s construction activities will direct and indirect employment for around 2,500 persons. They will contribute to the overall socio-economic development of the Union Territory of Jammu and Kashmir.