A contract worth Rs 70 billion has been awarded to state-owned Satluj Jal Vidyut Nigam Limited (SJVN) by Punjab State Power Corporation Limited (PSPCL) for the establishment of 1,200 MW of solar projects.
Of this, 1 GW of projects can be developed anywhere across India by SJVN Green Energy Limited (SGEL) (a fully-owned subsidiary of SJVN Limited) for Rs 2.53 per unit, while the remaining 200 MW will be developed in Punjab for Rs 2.53 per unit. A build-own-operate model will be used to set up the solar projects.
The projects are anticipated to produce 2,997 million units (MUs) of electricity in the first year of operation and approximately 69,661 MUs over a 25-year period once they are fully operational.
The project is anticipated to be completed by the end of next year and must be commissioned within 18 months of the signing date the power purchase agreement (PPA). The 25-year PPA between PSPCL and SGEL is expected to be signed soon.
Recently in July 2023, SJVN Limited announced the signing of PPAs for 300 MW of renewable energy projects. SJVN Green Energy inked a PPA with the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 200 MW of solar projects, and another with Solar Energy Corporation of India Limited (SECI) for 100 MW of wind power.
