SJVN Green Energy to build 500-MW solar project for Gujarat utility

SJVN Green Energy Limited, the renewable energy arm of SJVN, was awarded a letter of intent (LOI) by Gujarat Urja Vikas Nigam Limited (GUVNL) for a 500-MW solar project in GUVNL Phase -XXI. The project involves the construction and development of the solar facility at the GIPCL Solar Park in Khavda. The LOI follows SGEL’s bid at a tariff of ₹2.54 per unit on a build-own-and-operate (BOO) basis during an e-RA conducted by GUVNL on January 25, 2024.

The company reported that the tentative cost of the project is ₹2,700 crore. The power purchase agreement will be executed with GUVNL after tariff adoption by Gujarat Electricity Regulatory Commission. The project is slated for commissioning within 18 months from the PPA, namely November 2025.

The project is projected to generate approximately 1,271.07 million units of energy in the first year, and about 29,245.40 million units over 25 years. Furthermore, the project is anticipated to reduce carbon emissions by approximately 1,433,025 tonnes, aligning with the Government of India’s mission.

However, the shares were down by 6.63 per cent to ₹105 at 1.46 pm on the BSE.