New Delhi: Punjab Energy Development Agency (PEDA) on Friday signed a memorandum of understanding (MoU) with Hindustan Petroleum Corporation Limited (HPCL) for setting up 10 compressed biogas (CBG) projects and other new and renewable energy projects across the state.
The MoU has been signed by PEDA Chief Executive Officer Amarpal Singh and Executive Director (Bio-fuels and Renewables) of HPCL, Shuvendu Gupta in Chandigarh in the presence of Ravi Bhagat, Secretary, New and Renewable Energy Sources, Punjab, an official statement said.
Gupta said HPCL will initially set up 10 CBG projects with an investment of about Rs 600 crore.
It will also explore possibilities to establish other new and renewable energy projects in the state, he said.
These 10 CBG plants are expected to produce over 35,000 tonnes of biogas and about 8,700 tonnes of organic manure annually, besides generating revenue of about Rs 300 crore annually from the CBG production.
The projects will also generate more than 600 direct employment opportunities and about 1,500 indirect employment, it said.
Amarpal Singh said with the implementation of these 10 projects, at least 2.75 lakh tonne paddy straw will be prevented from being burnt on 1.10 lakh acres.
The annual prevention of CO2 emissions and other pollutants will be about 5 lakh tonnes, which is equivalent to planting 83,000 trees annually.
The projects will also create around 50 rural entrepreneurs for supply of paddy straw to these plants, further creating more employment opportunities for more than 500 people, he said.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)