State-owned SJVN Ltd has signed two power purchase agreements (PPAs) with Punjab State Power Corporation Ltd (PSPCL), to supply 1,200 MW of solar power from its projects, according to Punjab Chief Minister Bhagwant Mann. SJVN s arm, the SJVN Green Energy Ltd, undertook the proposals offering Rs 2.53 per unit for 1,000 MW, and Rs 2.75 per unit for another 200 MW, PSPCL had floated tenders for.
One PPA relates to a 1,000 MW solar project to be developed anywhere in India and the other is for a 200 MW solar project to be developed in Punjab. Both projects will be developed within 18 months and will involve an investment of approximately INR70bn ($950m). The projects are expected to generate 2,997 million units in the first year and nearly 70,000 million units over 25 years.
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The MoAs were signed in the presence of Union Power Minister R. K. Singh, Chief Minister Pema Khandu and Deputy Chief Minister Chowna Mein. The programme was also attended by Union Power Secretary, senior officers from the Power Ministry and CMDs of CPSUs. Several ministers, MLAs and senior officers from the state were also present on the occasion.