SJVN Mulls to Build 10 GW Solar Projects in Rajasthan with Rs 50,000 Cr Investment

Taking a giga scale leap in its renewable energy mission, hydroelectric power generation company SJVN has unveiled its plan to develop 10 GW (10,000 MW) capacity of solar power projects in the next five years in Rajasthan with an estimated investment of Rs 50,000 crore.
 
Commenting on the development, Nand Lal Sharma, CMD, SJVN said that driven by the commitment of the Government of India to achieve 500 GW of installed capacity from non-fossil fuel sources by 2030, SJVN has re-engineered its Business Model and has given a major thrust to its renewable energy portfolio in a big way. 
 
He further said “SJVN has proposed to develop solar power projects in Rajasthan as the state has the largest solar power potential in the country. It receives the highest solar radiation (5.72 Kwh/m2/day) and also has the highest number of more than 325 clear sunny days in a year. All these factors work in our favour of developing the projects.”
 
In this regard, the state-run power generation company has submitted its Letter of Intention (LoI) to the Government of Rajasthan, which was accepted and a Memorandum of Understanding (MoU) in this regard will be signed shortly.
 
Further, LoI and Acceptance Letter were exchanged by Nand Lal Sharma, Chairman & Managing Director, SJVN and Additional Chief Secretary, Power, Govt. of Rajasthan and CMD RRECL Subodh Agarwal in Jaipur in the presence of Chief Minister of Rajasthan Ashok Gehlot, along with senior officials of SJVN and Govt. of Rajasthan.
 
Sharma informed that SJVN has intended to establish 10,000 MW of renewable power projects/parks on the land banks to be allocated by Rajasthan Renewable Energy Corporation Ltd (RRECL) in the state.
 
He further said an estimated investment of Rs 50,000 crore is proposed by SJVN for developing these projects.
 
Also, the commercial production of the projects will commence in a phased manner and the power generated will be transmitted to the beneficiaries through the nearest Sub-Stations, Sharma added.
 
The Power Purchase Agreements (PPAs) for the generated energy will be signed through competitive tariff-based opportunities available in the market, said Sharma adding that these projects will usher in Socio-Economic development in the project areas and also open up avenues of direct and indirect employment to about 15,000 people.
 
Sharma told that SJVN has 2,750 MW of renewable energy projects in its portfolio. He further added that the company has recently upgraded its Shared vision to an installed capacity of 25,000 MW by 2030 and 50,000 MW by 2040. The revision of targets is a result of SJVN being awarded mega power projects in India and abroad.