The Indian electricity group Punjab State Power Corporation Limited (PSPCL) has awarded a Letter of Intent (LOI) to SJVN Green Energy Ltd (SGEL), a subsidiary of India’s SJVN, for the development of 1,200 MW of solar capacity in India: SGEL will have to develop a 200 MW solar capacity within the state of Punjab (north-western India) and 1 GW anywhere in India.
PSPCL will be procuring the power produced anywhere in India at a tariff of INR2.53/kWh (US$3.1c/kWh), while the energy produced in Punjab will be procured at a tariff of INR2.75/kWh (US$3.3c/kWh). The solar projects will be developed on a Build, Own, Operate (BOO) basis. The commissioning timeline for the projects is set at 18 months from the date of signing the Power Purchase Agreement (PPA), aiming for completion by December 2024. The PPA will span a period of 25 years.
At the end of 2021, solar and wind accounted for over 20% of installed capacity in India, with respectively 49 GW and 40 GW, while hydropower capacity surpassed 51 GW. India plans to increase its non-fossil fuel capacity to 500 GW and meet 50% of its energy requirements from renewables by 2030.
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