JAMMU, Jan 25: Furthering its mission of promoting the use of Renewable energy, the Jammu and Kashmir Energy Development Agency (JAKEDA) under the direction of Sh. Saurabh Bhagat, Commissioner/Secretary, Science & Technology Department inked a Memorandum of Understanding (MOU) with J&K Bank, the premier financial institution of UT of J&K whereby, in addition to preferred bank customer relationship, the two institutions have joined hands for a collaborative model for creating synergies towards promotion of Schemes implemented by JAKEDA.
The details of the Schemes taken up under the collaborative initiative are Component B of Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) for replacement of fuel operated pumps used for irrigation purpose with solar pumps and also setting up of new agriculture pumps under Component C of PM-KUSUM for replacement of electric pumps used for irrigation purpose with solar pumps and Installation of Grid Connected Rooftop Solar Power Plants of various capacities largely sponsored by Ministry of New and Renewable Energy, Govt of India covering farmers and individual prospective beneficiaries identified and sponsored by JAKEDA.
The MOU was signed by the GM, Sh Ashutosh Sareen on behalf of J&K Bank while as Dr.P.R.Dhar put in his signatures on the MOU as Chief Executive Officer, JAKEDA at Convention Centre, Jammu on 25th January, 2023 in presence of Sh. Manoj Sinha, Hon’ble Lieutenant Governor of Jammu and Kashmir, Sh. A.K Mehta, Chief Secretary and Sh. Baldev Prakash, MD & CEO, J&K Bank Ltd.
The Bank as per agreement shall :-
1. Grant Loans on concessional and preferential interest rates within a maximum TAT of 15days.
2. Loans with a quantum of 1.6 Lacs for the purchase of solar water pumps by farmers as beneficiary share.
3. Loans with a quantum of 2.6 Lacs for the purchase of solar Grid Connected Rooftop Solar Power Plants as the beneficiary share.
4. This loan facility shall be provided without any margin contribution and collateral security.
Referring to the collaboration Sh. Manoj Sinha, Hon’ble Lieutenant Governor of Jammu and Kashmir affirmed that the two institutions strongly support endeavors which can create unique models of engagement towards the growth and upliftment of the remote regions of the UT and contributing towards reduction of carbon footprints. After availing the bank loan facility on the concessional and preferential interest rates, the JAKEDA shall achieve the targets of Solar Rooftop as more than 50,000 households of Jammu city are being covered under the scheme. The setting up of cumulative capacity of 200 MW Solar Rooftop in Jammu city shall save the residents of Jammu from frequent power cuts, savings in monthly electricity bills lifetime and also clean solar energy shall offset about 6 million tons of carbon dioxide emission over a period of 25 years and around 8000 jobs shall be created. This shall also improve grid stability, voltage at tail end of grid and reduce instances of grid outage.