Satluj Jal Vidyut Nigam Ltd (SJVN) will set up 10,000 MW solar power projects in Rajasthan in the next five years. Rajasthan government has accepted the proposal of SJVN, and the MoU is expected to be inked soon.
The letter of intent (LOI) and acceptance letter were exchanged on Wednesday in Jaipur in the presence of Rajasthan Chief Minister Ashok Gehlot and CMD, SJVN, Nand Lal Sharma.
Nand Lal Sharma said the SJVN intended to establish 10,000 MW renewable power projects/parks on the land banks to be allocated by Rajasthan Renewable Energy Corporation Limited in the state.
The SJVN proposed an estimated investment of Rs 50,000 crore on developing these projects. The commercial production will commence in a phased manner, and the power generated will be transmitted to the beneficiaries through the nearest sub-stations.
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Power Purchase Agreements for the generated energy will be signed through competitive tariff-based opportunities available in the market. He added that these projects would usher in socio-economic development in the project areas and open up direct and indirect employment avenues to about 15,000 people.
Nand Lal Sharma said that SJVN has re-engineered its business model and has given a significant thrust to its renewable energy portfolio motivated by the union government’s aim to attain 500 GW of installed capacity from non-fossil fuel sources by 2030.
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SJVN has proposed to develop solar power projects in Rajasthan as the state has immense solar power potential in the country. It receives the highest solar radiation (5.72 Kwh per meter square per day) and has the highest number of clear sunny days in a year. All these factors work in our favor of developing the projects, said SJVN Chairman.
Sharma said that SJVN has 2750 MW of renewable energy projects in its portfolio. He added that the company has recently upgraded its shared vision to an installed capacity of 25,000 MW by 2030 & 50,000 MW by 2040.
