Satluj Jal Vidyut Nigam (SJVN) has won 1000 megawatt (MW) grid-connected solar project worth Rs 5,500 crore in a bidding conducted by Indian Renewable Energy Development Agency Ltd (IREDA). According to a company statement, the state-run company has bagged the solar PV power project through a Request for Proposal (RFP) floated by IREDA.
Nand Lal Sharma, chairman and managing director, SJVN, said that the company got project through an open competitive bidding process for quoted capacity of 1,000 MW at the maximum tariff of Rs 2.45 per unit. Sharma also noted that SJVN acquired the full quoted capacity of 1,000 MW at a Viability Gap Funding (VGF) support of Rs 44.72 lakh per MW by the Government of India.
The power generated from above projects will be solely for self-use or use by the government/government entities, either directly or through DISCOMs. The tentative cost of construction and development of the project has been pegged at Rs 5,500 crore and it is expected to generate 2,365 million units (MU) in the first year.
According to the statement, the project’s cumulative energy generation over a period of 25 years would be about 55062 MU. Presently, SJVN has a total installed capacity of 2,016.5 MW which includes two hydropower plants of 1,912 MW and four renewable power plants of 104.5 MW (two solar plants of 6.9 MW and 2 wind plants of 97.6 MW).
Earlier, the SJVN had bagged three solar projects totaling 345 MW in the state of Gujarat, Uttar Pradesh and Bihar. All these solar projects were also obtained through open competitive bidding. Sharma further said that, with this allotment, the SJVN now has 1,345 MW of solar projects under execution. He stated that all these solar projects are scheduled to be commissioned by March 2023-24, which shall be a gigantic leap for SJVN’s renewable capacity.