SJVN Ltd has submitted its intention to develop 10 GW of solar power projects in Rajasthan, over the next five years.
In a company release, SJVN said that the Rajasthan government has accepted SJVN’s proposal and that a formal MoU in this regard will be signed soon.
Meanwhile, SJVN’s letter of intent (LoI) and the Rajasthan government’s letter of acceptance (LoA) were recently exchanged in a formal meeting between officials concerned, held in Jaipur, Rajasthan.
A release by SJVN said that the company will establish 10 GW of solar projects or parks on land banks to be allocated by Rajasthan Renewable Energy Corporation Ltd (RRECL). An estimated investment of Rs.50,000 crore will be made by SJVN in developing this 10-GW portfolio.
Commercial power generation will start in a phased manner and the power generated will be transmitted to the beneficiaries through nearest substations. Power purchase agreements for the generated energy will be signed through competitive tariff-based opportunities available in the market. These projects will usher in socio-economic development in the project areas and also open up direct and indirect employment opportunities to about 15,000 people, the release said.
In related developments, two more power PSUs — NHPC Ltd and THDC India Ltd — have also signed similar agreements to set up 10 GW of renewable energy capacity, each, in Rajasthan.
Shared Vision
According to Nand Lal Sharma, CMD, SJVN Ltd, “SJVN has re-engineered its business model and has given a major thrust to its renewable energy portfolio in a big way. SJVN has 2,750 mw of renewable energy projects in its portfolio.”
Sharma added that the company has recently upgraded its shared vision to develop installed capacity of 25,000 mw by 2030 and 50,000 mw by 2040.
Featured photograph (source: Azure Power) is for representation only
