SJVN Secures LOI for 200 MW Solar Project,
- Himachal CM’s wife may get ministry if Congress follows this tradition for cabinet expansion - November 5, 2024
- Himachal High Court maintains stay on termination of 900 horticulture project employees - November 5, 2024
- Himachal weather: After month of drought-like conditions, rain likely on this day - November 5, 2024
The Newz Radar
Shimla:Geeta Kapoor, Chairperson and Managing Director of SJVN, announced that the company has been awarded a letter of intent (LOI) by Gujarat Urja Vikas Nigam Limited (GUVNL) for a 200 MW solar power project at GUVNL Charan Gap.
She disclosed that SJVN Green Energy Limited, a wholly owned subsidiary of SJVN, had previously secured a 100 MW solar project through a bidding process conducted by GUVNL under e-reverse auction in December 2023, along with an additional capacity through the greenshoe option at Rs 2.63 per unit.
Explaining the greenshoe option, Kapoor clarified that it allows the implementing agency to offer additional capacity to the successful bidder under the same terms and conditions outlined in the Request for Selection (RFS).
She further detailed that the anticipated construction and development cost of the project amounts to Rs 1100 crore. The ground-mounted solar project will be executed by SGEL across India through an Engineering, Procurement, and Construction (EPC) contract.
Upon approval of the tariff by the Gujarat Electricity Regulatory Commission (GERC), a Power Purchase Agreement (PPA) will be signed between GUVNL and SGEL, with the project slated for commissioning within 18 months from the PPA signing date. The PPA, spanning 25 years, aims to facilitate the sale of electricity generated by the project.
Kapoor projected that the project is estimated to generate 508.4 million units of electricity in its first year post-commissioning, with a cumulative generation of 11,836.28 million units over 25 years. Additionally, she highlighted that the commissioning of this project is expected to contribute significantly to the Government of India’s carbon emission reduction mission, with an estimated reduction of 579,976 tonnes.
She concluded by reaffirming the company’s commitment to its shared vision of achieving 25,000 MW by 2030 and 50,000 MW by 2040, aligning with the Government of India’s target of sourcing 50% of its energy from non-fossil fuel-based resources by 2030.
