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State-run SJVN Ltd is looking to develop 10,000 MW solar power projects entailing investment of Rs 50,000 crore in the next five years in Rajasthan.
“SJVN has submitted its intention to develop 10,000 MW solar power projects in next five years in Rajasthan,” a company statement said.
According to the statement, the Government of Rajasthan has accepted the proposal of SJVN and an MoU in this regard will be signed shortly.
Letter of Intention (LOI) by SJVN and further Acceptance Letter were exchanged in the august presence of Chief Minister of Rajasthan Ashok Gehlot, by SJVN Chairman & Managing Director Nand Lal Sharma and Additional Chief Secretary, Power, Government of Rajasthan & CMD RRECL Subodh Agarwal in Jaipur on Tuesday, it stated. Sharma informed that SJVN intents to establish 10,000 MW renewable power projects/parks on the land banks to be allocated by Rajasthan Renewable Energy Corporation Ltd in the state.
An estimated investment of Rs 50,000 crore is proposed by SJVN on developing these projects, it stated.
The commercial production will commence in a phased manner and the power generated will be transmitted to the beneficiaries through nearest sub-stations.
Power purchase agreements for the generated energy will be signed through competitive tariff-based opportunities available in the market. He further added that these projects will usher in socio-economic development in the project areas and also open up avenues of direct and indirect employment to about 15,000 people.
Sharma said that driven by the commitment of Government of India to achieve 500 GW of installed capacity from non-fossil fuel sources by 2030, SJVN has re-engineered its business model and has given a major thrust to its renewable energy portfolio in a big way. “SJVN has proposed to develop solar power projects in Rajasthan as the state has largest solar power potential in the country. It receives the highest solar radiation (5.72 Kwh/m2/day) and also has the highest number of more than 325 clear sunny days in a year. All these factors work in our favour of developing the projects,” he said.
Sharma said that SJVN has 2,750 MW of renewable energy projects in its portfolio. He added that the company has recently upgraded its shared vision to installed capacity of 25,000 MW by 2030 and 50,000 MW by 2040.
The revision of targets is a result of SJVN being awarded mega power projects in India and abroad.