A memorandum of agreement was signed between the Meghalaya government and Renew Joule Private Limited for setting up of power plants that will convert kinetic energy into electric energy by using technology.
The agreement was signed in the presence of chief minister Mukul Sangma and officials of the Meghalaya power department and representatives of Renew Joule Private Limited in the main secretariat here on Wednesday evening.
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According to representatives of Renew Joule Private Limited, the technology is known as “Closed Loop Vertical Turbine.”
The proposed power plant will be the first of its kind not only in India but in the whole Asia.
“This new technology works on the principle of buoyancy and gravity to convert kinetic energy into electric energy,” a representative of the company said.
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For one megawatt, the cost will be around Rs 8 crore, and the company is planning to develop atleast 100 megawatts.
Initially, 24 megawatts will be developed at Byrnihat in Ri-Bhoi district. The other two sites include Mendipathar and Ampati in Garo Hills.
Congratulating the Meghalaya power department and the company, the chief minister said that Meghalaya is a place which is at ease of doing business and hoped that the initiative would create history and attract the attention of investors from across the globe.
“It is a great moment for the state for attracting friends from various parts of the world to look at Meghalaya as a potential destination for investment in crucial sector keeping in mind our agenda of placing the state as favoured destination for investment,” the chief minister said.
The chief minister said that the new initiative would make Meghalaya become a pioneer state in contributing to the endeavor of dealing with challenges like climate change besides taking care of the requirement for energy.