State-owned hydropower producer SJVN has commenced work on its 90 MW floating solar project at Omkareshwar reservoir in Madhya Pradesh.
The project is being developed by SJVN’s wholly-owned subsidiary, SJVN Green Energy Ltd (SGEL), on a build-own-operate basis. Larsen & Toubro Ltd is tasked with engineering, procurement, and construction (EPC) of the PV plant.
SJVN secured the project at INR 3.26 ($0.039)/kWh in a tariff-based competitive bidding and reverse auction by REWA Ultra Mega Solar Ltd. The power purchase agreement was signed between SGEL, RUMSL, and M.P. Power Management Co. Ltd (MPPMCL).
Nand Lal Sharma, chairman and managing director of SJVN, stated that an investment of INR 650 crore will be made on this project. As per the contract agreement, the project is scheduled to be commissioned by December 2023.
Once operational, the project is expected to generate 196 million units of electricity in the first year and about 4,570 million units over 25 years.
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