State-owned SJVN Ltd. on Saturday said it has bagged a contract from Punjab State Power Corp. Ltd. for the development and procurement of 1,200 MW of solar power entailing an investment of Rs 7,000 crore.
SJVN Green Energy Ltd, a unit of SJVN Ltd., will develop 200 MW of solar projects in the state of Punjab, a company statement said.
SJVN has received the Letter of Intent from the Punjab State Power for the procurement of 1,200 MW of solar power. Punjab State Power will be procuring 1,000 MW energy produced anywhere in India at a tariff of Rs 2.53 per unit, while 200 MW energy produced in Punjab will be procured at a tariff of Rs 2.75 per unit, it said.
Development of these projects involves an investment of around Rs 7,000 crore, which will be on Build Own and Operate basis, it said.
The project shall be commissioned in a period of 18 months from the date of signing of power purchase agreement and is expected to be commissioned by the end of next year. The PPA will be signed shortly between Punjab State Power and SJVN Green Energy for 25 years.
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