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SJVN to build 1.2 GW of PV parks for Punjab power distributor

Indian state-owned power generator Satluj Jal Vidyut Nigam (SJVN) has secured a contract to install 1.2 GW of solar parks for Punjab State Power Corp Ltd (PSPCL), the power distribution company of the state of Punjab.

SJVN said in a Bourse filing on Saturday that its green energy subsidiary SJVN Green Energy Ltd has received a letter of intent (LoI) for the award for the project. The job covers the installation of 1,000 MW of solar parks across India and 200 MW of plants in Punjab.

All projects will be developed on a build-own-operate (BOO) basis and will be run under a 25-year power purchase agreement (PPA) between PSPCL and SJVN Green Energy. The total investment needed for their development and construction is estimated at around INR 70 billion (USD 855.6m/EUR 722.1m).

Once in operation, the solar farms will be able to generate 2,997 million kWh of electricity in the first year. They are expected to go online by December 2024.

SJVN is pursuing a goal of having 25 GW of installed renewable energy capacity by the end of the decade and 50 GW by 2040. With the 1.2-GW project, its portfolio has expanded to 5 GW, it is noted.

(INR 10 = USD 0.122/EUR 0.110)

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