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State-run NHPC has signed an agreement with Uttar Pradesh New and Renewable Energy Development Agency for setting up its first solar power project in the state at a cost of Rs 400 crore.
"Promoters' Agreement has been signed between Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) and NHPC for setting up a Joint Venture Company for implementation of solar power project in Uttar Pradesh," NHPC said in a statement.
Initially this joint venture company proposes to implement a 50 MW grid connected solar power project at Parason, Uttar Pradesh, for which an initial pact was signed UPNEDA and NHPC in August 2013, the statement said.
The estimated project cost is Rs 400 crore and it will be completed by mid 2016.
This is first solar power project of NHPC, it added.
