SJVN Seeks Expressions of Interest In 500 MW of Solar Power
Earlier this month, Satluj Jal Vidyut Nigam (SJVN) Limited, a joint venture between the Governments of India and the state of Himachal Pradesh, announced that they were seeking Expressions of Interest from experienced companies willing to develop approximately 500 MW of solar PV capacity in partnership with SJVN.
SJVN, a joint venture between the Government of India and the Government of the state of Himachal Pradesh which was originally founded back in 1988, published an Expression of Interest (EoI) for the implementation of 500 MW worth of solar power projects to be developed in partnership with SJVN itself. SJVN already has a significant portfolio of installed renewable energy capacity, including 1,912 MW of hydroelectricity, and another 47.6 MW of wind power.
The move to expand into solar comes as part of India’s larger plans to develop 1 GW, of solar power projects by the end of financial year 2019-20. According to SJVN’s website it has already commissioned the 5 MW Charanka Solar Park in the state of Gujarat, which was completed at the end of March of this year. The EOI calls for applications from reputed private and public sector companies, as well as government agencies.
More specifically, the EOI is seeking companies that will join SJVN in a joint venture for participation in one of three separate possible outcomes. First would be the development of a joint venture between a firm or firms with SJVN to participate in competitive bidding tenders for solar power auctions. Additionally, SJVN is considering a joint venture with a company “offering adequate land and Power Purchase Agreement (PPA) along with clearances”, as well as opening the EOI up for “any sound business proposal suitable for SJVN for development” of solar projects in India.
Minimum equity share of SJVN in the proposed joint venture will be 26 percent, “However, the exact equity shareholding pattern shall be mutually decided at the time of [joint venture] formation.”
SJVN also signed a Memorandum of Understanding (MoU) back in the middle of 2015 with the Solar Energy Corporation of India (SECI) for the development of up to 500 MW of grid-connected solar power projects, but there appears to have been very little movement on that particular front.
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