Jishnu Dev Varma, the deputy chief minister of Tripura announced that the Tripura government and the Asian Development Bank had signed a memorandum of understanding regarding the distribution of power worth rupees 2,275 crores.
Brijesh Pandey, the Secretary of the Power department, and Nilayamitash, the officer in charge of the Asian Development Bank India Resident Mission, had signed a contract to reorganize the state’s 24-hour power supply and distribution system in Tripura.
Jishnu Dev Varma, the minister in charge of the Power department, publicly stated this agreement at a press conference. He further claimed that the adoption of this agreement will improve the position of electrical services in the state.
Since this project is an Externally Aided Project, the state government will refund rupees 155 crores and the central government will return the remaining loan. The project will have a loan of 1820 crore from the Asian Development Bank and rupees 455 crore of direct investment by the state government in the electricity sector.
This initiative will provide six to seven lakh people with benefits, and it will create about 7,000 jobs. Despite the construction and opening of 44 new sub-stations, there has been no increase in the price of energy during the past five years. The power department in Tripura would spend rupees 3,000 crores over the next three to five years.
He added that over rupees 2,000 crores had been invested over the last five years to upgrade the state’s power industry distribution and transmission network. The state government is implementing several Schemes to enhance the Corporation’s operational and financial stability. Additionally, 830 Distribution Transformers and 8720 km of LT Arial Bunched Cable will be available in the state of Tripura.