State-owned SJVN Ltd on Saturday said it has bagged a contract from Punjab State Power Corporation Ltd (PSPCL) for the development and procurement of 1,200 MW of solar power entailing an investment of Rs 7,000 crore. ”SJVN Green Energy Ltd (SGEL; a wholly owned subsidiary of SJVN) will develop a 1000 MW (solar) project anywhere in the country and balance 200 MW in the state of Punjab,” a company statement said.
SJVN has received the Letter of Intent (LOI) from the PSPCL for the procurement of 1,200 MW of solar power.
The PSPCL will be procuring 1,000 MW energy produced anywhere in India at a tariff of Rs 2.53 per unit, while 200 MW energy produced in Punjab will be procured at a tariff of Rs 2.75 per unit, it stated.
Development of these projects involves an investment of around Rs 7,000 crore, which will be on Build Own and Operate (BOO) basis, it stated.
The project shall be commissioned in a period of 18 months from the date of signing of power purchase agreement (PPA) and is expected to be commissioned by the end of next year. The PPA will be signed shortly between PSPCL and SGEL for 25 years.
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