SJVN Green Energy secures 500MW solar project in Gujarat from GUVNL
In a significant development for India’s renewable energy sector, SJVN Green Energy Limited (SGEL), the renewable arm of SJVN, has been awarded a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for a 500 MW solar project under GUVNL Phase-XXI. This milestone project, secured through a competitive bidding process, underscores SGEL’s commitment to bolstering India’s green energy capabilities at a highly competitive tariff of INR 2.54 per unit.
The 500 MW project, which includes a 100 MW base project plus an additional 400 MW under the Green Shoe option, is set to be developed on a Build Own and Operate (BOO) basis. This initiative not only reflects SGEL’s operational excellence but also its strategic foresight in leveraging the Green Shoe option, allowing for an expansion of capacity under the same terms and conditions, enhancing the project’s impact on India’s energy landscape.
Geeta Kapur, providing insights into the project, revealed that the estimated cost for the construction and development of this expansive project is around INR 2700 Crore. The project’s location at the GIPCL Solar Park in Khavda is strategic, offering optimal conditions for harnessing solar energy. Upon completion, the solar park is expected to generate a staggering 1271.07 million units in its first year, with a projected cumulative energy generation of approximately 29245.40 million units over 25 years. This project not only aligns with the government’s vision for a sustainable future but also significantly contributes to the reduction of carbon emissions by an estimated 1433025 tonnes.
SGEL’s rapid progression towards achieving its shared vision of 25,000 MW by 2030 and 50,000 MW by 2040 is a testament to its role as a catalyst in India’s renewable energy sector. This vision, in harmony with the Government of India’s commitment to generating 50% of its energy from non-fossil fuel sources by 2030, highlights the country’s proactive approach to combating climate change and promoting environmental sustainability.
The awarding of the 500 MW solar project to SJVN Green Energy Limited by GUVNL is a pivotal moment for India’s renewable energy sector. It not only showcases the potential for large-scale solar projects in driving sustainable development but also sets a benchmark for affordable renewable energy production in India. As the country strides towards meeting its ambitious renewable energy goals, partnerships like these are crucial for ensuring a greener, more sustainable future for all.