Kundan Energy to Develop 80 MW Hydropower in Uttarakhand

New Delhi, Dec 9 (PTI) Kundan Green Energy has inked an initial pact to develop 80 MW hydropower at an investment of Rs 1,000 crore in Uttarakhand.

Kundan Green Energy has signed a memorandum of understanding with the Uttarakhand government, the company said in a statement.

According to the statement, the agreement envisages adding 80 MW through greenfield projects to the state's hydropower generation capacity at an investment of Rs 1,000 crore.

Kundan Green Energy Director Apurve Goel said, "The state of Uttarakhand has very vast untapped potential in hydropower, which we are working to develop".

The MoU was signed in the presence of Uttarakhand Chief Minister Pushkar Singh Dhami.

With the setting up of these greenfield projects in a 4-5 year estimated timeframe, Kundan Green Energy will create employment for 500 people directly and an estimated 2,000 people indirectly.

A wholly-owned subsidiary of Kundan Group, Kundan Green Energy has present commissioned capacities of 104.5 MW.