SAEL Industries Limited (SAEL) has signed two power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam Limited (GUVNL) and Punjab State Power Corporation Limited (PSPCL) for a total of 880 MW of solar projects.
Through its subsidiaries SAEL Solar P Sixteen and SAEL Solar P Seventee, the company signed an agreement with GUVNL for 480 MW capacity, including 240 MW initially allocated and another 240 MW under the greenshoe option. Power will be supplied at a tariff of Rs 2.56 per unit for 25 years.
In Punjab, SAEL Solar P15 signed a PPA with PSPCL for a 400 MW solar project, with power to be supplied at a tariff of Rs 2.97 per unit for 25 years. Both projects are scheduled to be commissioned within 24 months of signing.