SJVN subsidiary SGEL ink agreement for solar project
Sh. Nand Lal Sharma, Chairman and Managing Director of SJVN, said that the Company’s wholly owned subsidiary SJVN Green Energy Limited (SGEL) has entered into a deal for a Balance of System (BOS) Package for a 100 MW Solar Project in the state of Punjab. SGEL has signed into a deal with M/s BVG India Limited; this is SGEL’s first BOS contract, worth Rs 132.64 crores. The deal also covers three years of operation and maintenance of the Solar PV Plant.
Sh. Nand Lal Sharma went on to say that SJVN won the project through a tariff-based competitive bidding process on a Build Own and Operate (BOO) basis via e-Reverse Auction (e-RA) at a tariff of Rs. 2.65 per unit. The completion of this project is anticipated.
He further stated that the estimated cost of construction for this project is Rs. 545 crores. The project is planned to generate 227 MU in the first year, with a total energy output of roughly 5302 MU during a 25-year timeframe. PSPCL and SJVN have previously agreed on a 25-year Power Purchase Agreement (PPA).
Sh. Manoj Kumar Negi, Dy. GM, SGEL, and Sh. Pankaj Dhingra, Director, BVG India Limited signed the Contract Agreement in the august presence of Sh. Akhileshwar Singh, Director (Finance), SJVN, Sh. Ajay Kumar Singh, Dy. CEO, and top officials of SGEL and M/s BVG India Limited.
Sh. Sharma went on to say that the Government of India has envisioned a vision of Power to All 24X7. Hon’ble Prime Minister Sh. Narendra Modi has also announced on numerous occasions that India intends to develop 500 GW of renewable energy by 2030.
He further stated that Union Minister of Power and NRE, Sh. R.K. Singh, is providing excellent advice and assistance to all power sector PSUs in harnessing the potential of solar power to fulfill the aim of 24X7 cheap and green power. In keeping with the Government of India’s aim, SJVN has established a Shared Vision of 5000 MW capacity increase by 2023-24, 25000 MW by 2030, and 50000 MW by 2040.