SRINAGAR: Government today said it has set a target of generating over 4,000 MW of power during the next five years. "A number of power projects have been launched for execution while many are in the pipeline to achieve the target of generating over 4,000 MW of power during the next five years," Chief Minister Omar Abdullah said. During his visit to the prestigious Baglihar Hydro Electric Project (BHEP) at Chaderkote in Ramban along the Srinagar-Jammu National Highway, the Chief Minister inspected various units, including the dam, which is common for the first and second stage of the BHEP. Omar underlined the importance of construction of hydro-electric projects in the State to harness its vast hydro-electric potential and achieve self-sufficiency in energy generation. "The economic growth and holistic development of a State like Jammu and Kashmir is largely dependent on the production of electricity," he said, adding power generation has been flagged as one of the most important concerns by his Government in the development policy. The first stage of 450 MW BHEP was inaugurated by Prime Minister Manmohan Singh in 2008 and the project started commercial generation of power from April 1, 2009. "The power plant has generated 10,724.06 million unit of energy by the end of August 2012 worth Rs 4,027.450 crore since its inspection against an expenditure of Rs 5,506.30 crore," an official spokesman said. About the second stage of the project, the spokesman said the contracts for civil and hydro mechanical works and Electro-Mechanical works stand signed on March 31, 2012. "Presently pre-commencement works besides some essential works of stage second are under execution," he said adding, the financial closure for BHEP stage second is being achieved after signing of loan agreement with Power Finance Corporation of India for Rs 1,679.23 crore and with J&K Bank for Rs 500 crore. The completion cost of the project in 2015 is likely to be Rs 3,113.19 crore and the balance amount of Rs 933.966 crore will be met out of State equity, the spokesman said. He said an expenditure of Rs 673 crore has been incurred upto July 2012 on BHEP stage second, scheduled to be commissioned by August 2015. The spokesman said BHEP second stage will generate 1302 MW of energy annually with an average annual income of about Rs 500 crore. He was accompanied by the Principal Secretary Power Development Department, Sudanshu Pandey and Managing Director, Power Development Corporation (JKSPDC), Basharat Ahmad Dar.