SUBJECT :Solar Energy 

 To take the Smart City Project forward, the UT Administration has approved the formation of a special purpose vehicle (SPV)--Chandigarh Smart City Company--for its implementation.

The approval was given by the steering committee, headed by UT Adviser Parimal Rai, today and it was attended by several senior officers, including Mayor Arun Sood. City MP Kirron Kher also attended the meeting as a special invitee. The company will plan, appraise, approve and release funds, implement, manage, operate, monitor and evaluate development projects. Sources said an interim board had been formed, of which the Municipal Commissioner will be the CEO.

The SPV will be a limited company incorporated under the Companies Act, 2013.

The company may appoint project management consultants (PMC) for designing, developing, managing and implementing area-based projects. It is estimated that the total cost of the projects to be undertaken as part of the Smart City Project will be Rs 6,200 Crore (Rs 250 crore for the pan city proposal and Rs 5,950 crore for the area-based development). A total equity of Rs 1,000 crore will be invested by two stakeholders--Municipal Corporation and the Chandigarh Administration.

Funds for the smart city proposal will be made available by converging other schemes of the Union Government like AMRUT, Solar City Mission, Integrated Power Development Scheme (IPDS) and Digital India. Some of the projects will be funded through the private sector.

Source: The Tribune, Chandigarh