SAEL Industries signs 880 MW solar power PPAs in Gujarat, Punjab

SAEL Industries has signed two power purchase agreements for a combined solar power capacity of 880 megawatt in Punjab and Gujarat.

Of the total, 400 megawatt (MW) will be set up in Punjab and 480 MW in Gujarat, the company said in a statement.

In Gujarat, SAEL, through its subsidiaries SAEL Solar P Sixteen Private Ltd and SAEL Solar P Seventeen Private Ltd, has signed a PPA with Gujarat Urja Vikas Nigam Ltd (GUVNL) for a total capacity of 480 MW AC of solar photovoltaic (PV) power projects.

This includes 240 MW initially allocated and an additional 240 MW awarded under the greenshoe option.

The solar project is expected to achieve scheduled commercial operation within 24 months from the PPA signing. GUVNL will procure the solar power at a tariff of ₹2.56 per kilowatt-hour (kWh) for 25 years.

In Punjab, SAEL Solar P15 Private has signed a PPA with the Punjab State Power Corporation Limited (PSPCL) for a 400 MW AC solar photovoltaic power project.

Under the terms of the agreement, the solar power project will be developed in the state and is expected to be fully operational within 24 months from the signing of the agreement.

PSPCL will purchase the solar power generated by the project at a tariff of ₹2.97 per kilowatt-hour (kWh) for 25 years.