SJVN Green Signs Power Usage Agreement for 300 MW Solar Project

The company also commissioned a $33 million solar project of 50 MW capacity in Kanpur


SJVN Green Energy, the wholly owned subsidiary of SJVN, has entered into a power usage agreement with Jammu and Kashmir Power Corporation Limited (JKPCL) for 300 MW solar power capacity.

The 300 MW of power will be supplied to JKPCL from the 1,000 MW Bikaner solar project being developed under the Central Public Sector Undertaking program of the India Renewable Energy Development Agency (IREDA) at a cost of ₹54.91 billion (~$662.3 million).

The project, which is slated for commissioning in July 2024, is being developed under the Domestic Content Requirement mode. The generated power will be used directly by the government or through distribution companies.

Recently, SJVN Green also commissioned and achieved commercial operation of its 50 MW Gujrai Solar power project located in Kanpur, Uttar Pradesh. The company won the  ₹2.81 billion ($33.9 million)  project at a tariff of ₹2.98 ($0.035) per unit through a competitive bidding process conducted by the Uttar Pradesh New and Renewable Development Agency (UPNEDA).

The power purchase agreement for this project has been signed with Uttar Pradesh Power Corporation Limited (UPPCL) for 25 years.

The project is expected to generate 107 million units (MU) in the first year, with the targeted cumulative energy generation of 2,477 MUs over the project period.

Earlier this year, SJVN Green secured a ₹100 billion (~$1.2 billion) construction financing facility to fund a slew of renewable energy projects in the pipeline. The facility will be of a revolving nature and would allow SJVN to draw down funds on an ongoing basis as per the construction requirements of its projects.

This month, the company also invited bids for the construction of 132 kV transmission lines for its 125 MW Jamui Phase-I solar project and 75 MW Banka solar project in Bihar.

The company aims to achieve 25,000 MW by 2030 and 50,000 MW by 2040, aligning with India’s efforts to generate 50% of its energy from clean resources by 2030, SJVN stated in a BSE filing.