State-owned SJVN Limited announced that it bagged a 100 MW project at the Raghanesda Solar Park in Gujarat.
In July, Gujarat Urja Vikas Nigam Limited (GUVNL) had retendered 100 MW of capacity that was unallocated in its previous solar tender for 700 MW of solar projects to be set up at Raghanesda Solar Park (Phase X). The tariff cap for the projects was ₹2.75 (~$0.0366)/kWh.
The project will be developed on a ‘build own and operate’ basis. SJVN had participated in the open bidding process and won the quoted capacity of 100 MW at ₹2.73 (~$0.037)/kWh. GUVNL and SJVN would sign the power purchase agreement (PPA) for 25 years.
A BSE filling by SJVN added that the tentative cost of development for the project is ₹4.9 billion (~$66 million). The project would generate 252 million units (MU) of solar energy in its first year, and the cumulative energy generation for 25 years would be around 6,300 MUs.
Currently, SJVN says that it has a total installed capacity of 2,015.2 MW, including two hydropower projects of 1,912 MW and three renewable projects of 103.2 MW (this includes one solar project of 5.6 MW and two wind projects of 97.6 MW).
With the 100 MW Raghanesda project in its list, SJVN now has 200 MW of solar projects under execution. According to the company, these solar projects are expected to be commissioned by March 2022, marking a significant augmentation in SJVN’s renewable capacity.
SJVN had won 100 MW of solar projects in the GUVNL auction for 700 MW of solar projects in Dholera solar park (Phase IX). In a National Stock Exchange (NSE) filing, the company said that it won the project at a tariff of ₹2.8 (~$0.038)/kWh that would be developed on a build-own-operate basis. It added that the estimated cost of development is ₹4.5 billion (~$60.3 million), and the project is expected to generate 244 million units of electricity annually.
According to Mercom India Research, GUVNL has tendered 6 GW of solar projects under Phase I to Phase XI and has auctioned about 3.5 GW under Phase I to IX.
Image Credit: Wikimedia Commons
Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. More articles from Rahul Nair.