SJVN Green Energy Limited (SGEL), a wholly-owned subsidiary of SJVN Limited, has been awarded the letter of intent (LoI) by Punjab State Power Corporation Limited (PSPCL) for 1,200 MW solar power project.
As per the terms of the LoI, SGEL is entrusted with the development of a 1,000 MW solar project anywhere in the country, while the remaining 200 MW will be set up within the state of Punjab, in accordance with the request for selection provisions. The solar projects are to be developed under the build, own and operate framework, with a tentative construction and development cost of around Rs 70 billion. The projected commissioning timeline for the solar projects is set at 18 months from the date of signing the power purchase agreement (PPA), thereby, aiming for completion by December 2024. The PPA will span a period of 25 years, and is expected to facilitate the generation of approximately 2,997 million units (MUs) in the first year, contributing to a cumulative energy generation of about 69,661 MUs over 25 years.