State-owned hydropower producer Satluz Jal Vidyut Nigam Ltd (SJVN) has won a 100 MW grid-connected solar power project from the Punjab State Power Corporation Ltd (PSPCL). The project, to be set up on a build-own-operate (BOO) basis, will be constructed with an investment of around INR 545 crore.
SJVN secured the project at INR 2.69/kWh tariff through tariff-based competitive bidding followed by reverse auction. When operational, the project is expected to generate 245.28 million units (MU) in the first year and around 5643.52 MU over a period of 25 years.
PSPCL shall sign a 25-year power purchase agreement with SJVN for 25 years.
The latest award follows SJVN’s 1 GW win in the 5 GW of grid-connected solar capacity auction under the Central Public Sector Undertaking (CPSU) Scheme Phase II.
SJVN is executing hydro, thermal, solar and wind projects in India, Nepal, and Bhutan. The company aims to achieve 5 GW of installed capacity by 2023, 12 GW by 2030, and 25 GW by 2040. It clocked its highest ever profit before tax (PAT) of INR 2,168.67 crore in FY 2020-21. The company’s net profit increased to INR 1,633.04 crore in 2020-21 from INR 1,557.43 crore in 2019-20 and the earnings per share (EPS) increased from INR 3.96 per share in 2019-20 to INR 4.16 per share in 2020-21.
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