New Delhi – In a significant development, Geeta Kapur, Chairman & Managing Director of SJVN, announced today that the company has been awarded the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for a 200 MW Solar Power Project in GUVNL Phase XXII.
The announcement comes on the heels of SJVN Green Energy Limited, a wholly owned subsidiary of SJVN, successfully acquiring the initial 100 MW Solar Project through a competitive bidding process. Additionally, the company secured an additional 100 MW under the Greenshoe option at an attractive tariff of Rs 2.63 per unit. The Greenshoe option allows implementing agencies to offer additional capacity to successful bidders under the same terms and conditions as the original Request for Selection (RfS).
Geeta Kapur provided insights into the project, stating that the tentative cost for the construction and development of this ambitious solar initiative is estimated at Rs 1100 crores. The Ground Mounted Solar Project, to be developed by SGEL anywhere in India through an Engineering, Procurement, and Construction (EPC) contract, is set to contribute significantly to the country’s renewable energy goals.
The Power Purchase Agreement (PPA) is expected to be executed with GUVNL after the adoption of the tariff by the Gujarat Electricity Regulatory Commission (GERC). The project is slated to be commissioned within 18 months from the date of signing the PPA, with a contractual agreement spanning 25 years between GUVNL and SGEL.
Geeta Kapur emphasized the environmental impact of the project, revealing that the solar initiative is projected to generate 508.4 million units in its first year of operation. Over the 25-year period, the cumulative energy generation is estimated to reach an impressive 11,836.28 million units. The commissioning of this solar project is anticipated to significantly contribute to the reduction of carbon emissions, amounting to an estimated 579,976 tonnes, aligning with the Government of India’s mission to curb carbon emissions and promote sustainable energy practices.
