State-owned SJVN Ltd on Monday said its arm SJVN Green Energy Ltd (SGEL) has inked two pacts with Punjab State Power Corporation to supply 1,200 MW of solar power from its projects.
"SJVN signed two Power Purchase Agreements (PPA) for 1,200 MW solar power in the august presence of Punjab, Bhagwant Mann and Nand Lal Sharma, Chairman & Managing Director, SJVN at Sangrur, Punjab, today (Monday)," a company statement said.
According to the statement SJVN through its wholly-owned subsidiary SGEL has signed two PPAs (power purchase agreements) with Punjab State Power Corporation Ltd (PSPCL) for 200 MW Solar Project(s) to be developed anywhere in Punjab and another for 1,000 MW Solar Project(s) to be developed anywhere in the country.
"These projects shall be developed within 18 months on Build Own and Operate basis and will involve an investment of around Rs 7,000 crores," it stated.
The letter of intent for these 1,200 MW projects was received from PSPCL on July 21, 2023.
The projects are expected to generate 2,997 million units in the first year and about 69,661 million units cumulatively over a period of 25 years.
The commissioning of these projects will reduce more than 34 Lakh tonnes of carbon emissions.
SJVN, a leading CPSU under the Ministry of Power, is already executing a 100 MW solar project at the cost of about Rs 545 crore in Punjab.
Earlier, SJVN also inked a Power Usage Agreement for 500 MW Solar Power with PSPCL.
This 500-MW solar power capacity will be supplied from under development 1,000 MW Bikaner Solar Power Project of SJVN in Rajasthan.
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