Consider the following statements regarding Ultra Mega Power Projects 1 Ministry of P...........

Economic Affairs Energy

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Consider the following statements regarding Ultra Mega Power Projects:

1. Ministry of Power launched a unique initiative in 2005-06.

2. Power Finance Corporation (PFC) is the Technical partner for this project.

Which of the above statements are correct:

1 only

2only

Both

None

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Explanation:

About Ultra Mega Power Projects (UMPPs)
Ministry of Power launched a unique initiative in 2005-06 to facilitate the development of Ultra Mega Power Projects (UMPPs) each having a capacity of about 4000 MW each, at both the coal pitheads and coastal locations aimed at delivering power at competitive cost to consumers by achieving economies of the scale.
The Central Government has accordingly taken the initiative for facilitating the development of UMPPs under tariff based competitive bidding route using super critical technology on build, own and operate (BOO) basis.
Central Electricity Authority (CEA) is the Technical partner and Power Finance Corporation (PFC) is the Nodal Agency.
In order to enhance investors’ confidence, reduce risk perception and get good response to competitive bidding, PFC incorporates Special Purpose Vehicles (SPVs) for each UMPP to undertake the bidding process on behalf of the power procuring (beneficiary) States.