SAEL Industries Ltd. (SIL), an integrated renewable energy company, has signed two power purchase agreements (PPAs) for solar PV power projects with a combined capacity of 880 MW (AC), including 400 MW in Punjab and 480 MW in Gujarat. These projects will add to SAEL’s solar individual power production portfolio.
In Gujarat, SAEL, through its subsidiaries SAEL Solar P Sixteen and SAEL Solar P Seventeen, has signed a PPA with Gujarat Urja Vikas Nigam Ltd (GUVNL) for 480 MW (AC) of solar PV power projects. This includes 240 MW initially allocated and an additional 240 MW awarded under the greenshoe option. The solar project is schedule to achieve commercial operation within 24 months from the PPA signing. GUVNL will procure the solar power at a tariff of INR 2.56 per kWh for 25 years.
Whereas, in Punjab, SAEL Solar P15 has signed a PPA with the Punjab State Power Corp. Ltd (PSPCL) for a 400 MW (AC) solar PV 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 INR 2.97 per kWh for 25 years.
SAEL Industries Ltd is an integrated renewable energy company with presence in agri waste-to-energy (WTE), utility-connected solar, and solar module manufacturing. It has a portfolio of over 7.7+ GW of solar IPP assets across India, 8.5+ GW of TOPCon solar module assembly, 5 GW TOPCon solar cell (upcoming) and 165 MW of agri WTE projects.
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