State-run SJVN awarded 90 MW floating solar project worth Rs 585 crore in Madhya Pradesh

State-run Satluj Jal Vidyut Nigam Limited (SJVN) Ltd has won a 90 megawatts (MW) floating solar project worth Rs 585 crore at Omkareshwar, in Madhya Pradesh.

The project has been bagged at the rate of Rs 3.26/unit on Build Own and Operate basis in a tender floated by REWA Ultra Mega Solar Ltd (RUMSL), said Nand Lal Sharma, Chairman & Managing Director, SJVN said in a statement.

SJVN will develop this project in the country’s largest floating solar park at Omkareshwar in Khandwa District of Madhya Pradesh. According to the statement, the cost of developing this project has been pegged at about Rs 585 crore.

After commissioning, the project will generate 219 million units (MU) in the first year and 5,158 MU over a period of 25 years. The Power Purchase Agreement has been signed between RUMSL and SJVN for 25 years. The project shall be commissioned within a period of 15 months from the date of signing of PPA.

“This is our largest floating solar project bagged through tariff-based competitive bidding process. The commissioning of this project is expected to reduce 2,52,737 tonnes of carbon emission. SJVN is actively contributing in turning India into a net-zero carbon emission nation by 2070,” Sharma said.

With a total portfolio of 31,000MW, SJVN now has 19 solar power projects of around 3.3 GW capacity under operation and different stages of development. These recent additions of new projects are leading the company towards actualizing its shared vision of 5,000 MW by 2023, 25,000 MW by 2030 and 50,000 MW installed capacity by 2040.

Recently, SJVN won a contract worth Rs 195 crore for setting up its first ever 30 MW Wind-Solar Hybrid project through a tender floated by Solar Energy Corporation of India Ltd (SECI).

The project was bagged through a tariff-based competitive bidding process for providing electricity at the rate of Rs 2.54 per unit on build, own and operate basis, said the company. The tentative cost for construction and development of the project is Rs 195 crore. The project is expected to generate 79 MUs in the first year, and on a cumulative basis, approximately 1,860 MUs would be generated over a period of 25 years.

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