India on Wednesday signed a 648 million dollar loan agreement with World Bank for building a 444 megawatt hydro electric project on Alaknanda river in Uttarakhand. An official release said that Uttarakhand will get 12 per cent free power from the project. Tehri Hydro Development Corporation, THDC which will build the project, said that it is expected to generate 1665 million kilowatt-hours of electricity each year. Besides supplying electricity to Punjab, Haryana, Rajasthan, Uttar Pradesh, Himachal Pradesh, Uttarakhand, Chandigarh, Delhi and Jammu and Kashmir through northern grid, the project will also help reduce India's greenhouse gas emissions by 1.6 million tonnes annually.