SJVN inks agreements for 600 MW solar power with RUVITL

SJVN said that its wholly owned subsidiary SJVN Green Energy (SGEL) has signed a PUA for 500 MW solar power and a PPA for 100 MW solar power with Rajasthan Urja Vikas and IT Services (RUVITL).

Geeta Kapur, chairman & managing director, SJVN informed that SGEL has entered into long term power usage agreement (PUA) & power purchase agreement (PPA) with Rajasthan Urja Vikas and IT Services (RUVITL) for 25 years for supply of cumulative 600 MW Solar Power.

SJVN has signed a power usage agreement with RUVITL for 500 MW solar power from Bikaner Solar Power Project and also signed a power purchase agreement (PPA) with RUVITL for 100 MW solar power from Rajasthan Solar Power Project.

The power usage agreement was signed for supply of 500 MW Power at a tariff of Rs 2.57 per unit from 1000 MW Bikaner solar power project being developed by SGEL under the Phase-II (Tranche-3) of the CPSU Scheme.

The Bikaner solar project is the countrys largest single location project being developed at Village Banderwala, Bikaner, Rajasthan. The project is expected to generate 2454.84 million units in the first year and the cumulative energy generation over a period of 25 years would be about 56,474 million units. The project is being developed at a cost of Rs 5,491 crore and expected to commission by 30 September 2024.

With signing of this PUA, SGEL has secured tie-up of entire 1000 MW for this project. The other two beneficiaries from this project are UPPCL (200 MW) and JKPCL (300 MW).

The power purchase agreement was signed for supply of 100 MW solar power at a tariff of Rs 2.62 per unit from the project bagged by SGEL through competitive bidding. This project shall be developed at 387.56 Acres of land of Sambhar Salts Limited at Nawa, Rajasthan leased in favour of SGEL for 28 years.

The project shall be developed on build own and operate (BOO) basis at a tentative cost of around Rs 550 crore. The project is expected to generate 252 million units in the first year and the cumulative energy generation over a period of 25 years would be about 5,866 million units.

SJVN is engaged principally engaged in electricity generation. The company is also engaged in the business of providing consultancy.

The companys consolidated net profit dropped 51.65% to Rs 138.97 crore on 1.57% decline in revenue from operations to Rs 543.31 crore in Q3 FY24 over Q3 FY23.

The scrip shed 0.82% to currently trade at Rs 121.20 on the BSE.

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