Bhubaneswar, Jul 21 (IANS): India's state-run NHPC Ltd Thursday signed a pact to set up three power plants in Orissa with a combined investment of Rs.2,600 crore.
NHPC Chairman cum Managing Director (CMD) A.B.L. Srivastava signed the pact with senior state government officials at the secretariat here in the presence of Chief Minister Naveen Patnaik and Energy Minister Atanu Sabyasachi Nayak.
According to the pact, NHPC will have a 51 percent stake in the joint venture with Orissa-run Hydro Power Corporation.
The plants - one each in Subarnapur (100 MW), Sambalpur (100 MW) and Boudh (120 MW)districts - will be built within five years, a senior official of the state energy department told IANS.
The state government will get 12 percent free power from the project, while one percent of the cost of the power generated will be spent on peripheral development activities, the official added.