JSW Energy eyes stressed hydro assets;to revive Kutehr project

Sajjan Jindal-led JSW Energy is looking to acquire stressed hydro projects to increase its renewable energy portfolio, along with reviving its 240-megawatt (MW) Kutehr hydro power project in the state.

The company at present has two operating hydro power projects with a total capacity of 1,300 MW in the state, which it had acquired from Jaiprakash Power Ventures for Rs 9,700 crore in FY16.

"We want to increase our hydro power portfolio and we are definitely looking at various opportunities including stressed hydro projects at present.

"We are evaluating a few of them in addition to reviving our own 240-MW Kutehr project," the company's chief operating officer (energy business), Sharad Mahendra, told reporters here.

The work on the Kutehr project was stalled eight years ago mainly due to lack of a favourable hydro policy and clarity on long-term power purchase agreement for the capacity.

"Himachal Pradesh has come out with a hydro policy, which is enabling us to revive the project. We are hopeful of signing the long-term PPA with the Haryana government very soon," he said.

Mahendra said the company has participated in the bids invited by the Haryana government for long-term PPA for 500 MW of hydro projects.

"We have participated in the bids and are hopeful that we will sign the agreement for our entire 240 MW capacity. Once the PPA is in place, we will be able to complete the project in four years, and the cost of construction would be around Rs 2,500 crore," he said.

When asked whether the company was looking at a specific size of hydro projects in its total portfolio, he said, "There are many underconstruction projects and we will have to evaluate them on the basis of how much they are complete. Currently we are not looking at any specific project."