The Cabinet Committee on Economic Affairs (CCEA) has approved a 100 MW gas-based thermal power project at Monarchak in West Tripura district, official sources said.
The decision was taken on Friday by the CCEA in New Delhi, sources said.
According to officials of North East Electric Power Corporation (NEEPCO), the estimated cost of the power project is Rs 421 crore.
NEEPCO has spent Rs 27.47 crore on infrastructure of the project. The corporation would make 30 per cent contribution to launch the project while 70 per cent of the funds would be borne by selling equity.
The project would be operational in 30 months and Tripura would procure the entire production of 100 MW.
NEEPCO has inked a deal with the state government and also signed an agreement with ONGC to get natural gas to feed the power project.
Sources in ONGC said they would soon begin exploration of gas in the state for the project as there is a huge recoverable gas stock in Tripura.
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