SJVN Signs Agreements for 1.2 GW Solar Projects with Punjab State Power Corporation Limited (PSPCL) – EQ Mag
The agreements involve a 200 MW solar project in Punjab and a larger 1,000 MW solar project anywhere in India
State-owned SJVN Ltd. has signed two power purchase agreements with Punjab State Power Corp. Ltd. (PSPCL) for the development of solar projects. The agreements involve a 200 MW solar project in Punjab and a larger 1,000 MW solar project anywhere in India.
The projects will follow a build-own-operate model and are expected to be completed within 18 months, requiring an investment of about Rs 7,000 crore. Nand Lal Sharma, SJVN’s chairman and managing director, stated that the Letter of Intent for these 1,200 MW projects was received from PSPCL on July 21, 2023.
The solar projects have a projected annual generation of about 2,997 million units in the first year and an impressive 69,661 million units over a 25-year span. These solar initiatives are expected to make a significant impact, reducing carbon emissions by more than 34 lakh tonne.
SJVN is concurrently engaged in a 100-MW solar project in Punjab, requiring an investment of approximately Rs 545 crore. Previously, SJVN had established a power usage agreement for 500 MW solar power with PSPCL.
This solar power capacity will be sourced from SJVN’s under-development 1,000-MW Bikaner solar power project situated in Rajasthan. These agreements signify a substantial step in India’s shift towards renewable energy sources, aligning with its sustainability objectives.
