SJVN Green Energy secures 200MW solar project in Gujarat from Gujarat Urja Vikas Nigam
In a landmark development for India’s renewable energy sector, SJVN Green Energy Limited (SGEL), the renewable subsidiary of SJVN, has been granted a Letter of Intent (LOI) by Gujarat Urja Vikas Nigam Limited (GUVNL) for a 200 MW Solar Project in Phase–XXIII of GUVNL’s solar energy initiatives. This announcement was made by Smt. Geeta Kapur, Chairman & Managing Director of SJVN, who expressed the company’s commitment to contributing significantly to India’s green energy landscape.
SGEL emerged as the successful bidder for the 200 MW Solar Project through a competitive bidding process, securing the project at a tariff of Rs. 2.66 per unit on a Build Own and Operate (BOO) basis. The electronic reverse auction (e-RA), conducted on March 2, 2024, by GUVNL, solidified SGEL’s role in the project’s development.
The construction and development of the solar project, situated at the Gujarat State Electricity Corporation Limited (GSECL) Solar Park in Khavda, are estimated to cost around Rs.1100 Crores. A Power Purchase Agreement (PPA) is slated for execution with GUVNL following the tariff’s adoption by the Gujarat Electricity Regulatory Commission (GERC), with a commissioning timeline of 18 months from the PPA’s signing date.
Projected to generate 508.40 million units in its first year post-commissioning, the solar project’s cumulative energy output is expected to reach approximately 11698.16 million units over 25 years. Notably, the initiative is forecasted to reduce carbon emissions by 573,210 tonnes, aligning with the Government of India’s objective to diminish carbon footprint and promote sustainable energy sources.
SJVN’s ambitious journey towards achieving a Shared Vision of 25,000 MW by 2030 and 50,000 MW by 2040 is a testament to the company’s dedication to expanding its renewable energy portfolio. This vision aligns with the Indian government’s pledge to generate 50% of its energy from non-fossil fuel sources by 2030, highlighting a significant stride towards environmental sustainability and energy security.
The successful acquisition of the 200 MW Solar Project by SJVN Green Energy Limited represents a pivotal moment in India’s renewable energy trajectory. It not only underscores the potential for sustainable development within the nation but also highlights the critical role of strategic partnerships and competitive bidding in driving the renewable sector forward. This project exemplifies how corporate vision and governmental policy can converge to achieve significant milestones in green energy, contributing to global efforts against climate change.