Under the Securities and Exchange Board of India (SEBI) regulations, a major development has been announced as a leading power Central Public Sector Undertaking (CPSU), SJVN receives a Letter of Intent (LoI) for the purchase of 200 MW of solar power. The LoI comes from Uttarakhand Power Corporation Limited (UPCL).
UPCL is set to acquire 200 MW of power at a favorable tariff rate of ₹2.57 per unit from the company’s ambitious 1,000 MW Bikaner Solar Project. This significant solar endeavor is under development through SJVN Green Energy Limited, a wholly-owned subsidiary of the company, situated in Rajasthan. The project operates under the Central Public Sector Undertaking (CPSU) Scheme and benefits from viability gap funding support from the Government of India. Importantly, the power generated by this solar project is designated for government entities, with direct usage or distribution through DISCOMS.
The agreement outlining the allocation of solar power from this project will be formalized in the forthcoming Power Purchase Agreement (PPA) between SGEL and UPCL. This exciting development not only aids in fulfilling solar Renewable Purchase Obligations (RPOs) but also plays a crucial role in addressing power deficits.
The company is committed to expanding its renewable energy portfolio in alignment with the Indian government’s green energy transition objectives. With a mission to achieve 12,000 MW by 2026 and a shared vision of an impressive 50,000 MW installed capacity by 2040, the company is poised to play a pivotal role in India’s renewable energy future.