To improve the power situation in the state by 2013, Uttar Pradesh Power Corporation Limited (UPPCL) has entered into a share purchase and transfer ownership agreement with private firm JP Power Ventures Limited.
As per the agreement, which is based on Public private partnership, the ownership of Prayagraj Power Generation Company (for 1,980 MW Bara Thermal Power project) and Sangam Power Generation Company (for 1,320 MW Karchana power project) has been handed over to the JP Power Ventures, an official release here said.
This will ensure generation of 3,300 MW power, the release added.
UPPCL Chairman Naveneet Sehgal and Executive Chariman of JP Power Ventrues Limited Manoj Gaur signed the share purchase and transfer ownership agreement yesterday.
"By 2012-2013 we expect to double our capacity," Sehgal said.
The power from Bara project will be available at Rs 3.02 per unit while power from Karchana would be available at Rs 2.97 per unit.
UP requires 9,000 MW powe but it generates around 3,000 MW power and draws 3,500 MW power from the Central pool.
The JP Group is likely to start projects this month and state Chief Minister Mayawati may lay the foundation stone for the projects.