State-run SJVN bags 90 MW floating solar project worth Rs 585 crore

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State-run SJVN Ltd has bagged a 90 MW floating solar project worth Rs 585 crore at Omkareshwar, in Madhya Pradesh. SJVN has bagged 90 MW Floating Solar Project at the rate of Rs 3.26/Unit on Build Own and Operate basis in a tender floated by REWA Ultra Mega Solar Ltd (RUMSL), Nand Lal Sharma, Chairman & Managing Director, SJVN said in a statement.

SJVN will develop this project in the country's largest floating solar park at Omkareshwar in Khandwa District of Madhya Pradesh. According to the statement, the cost of developing this project will be approximately Rs 585 crore.

After commissioning, the project will generate 219 Million Units in the first year and 5,158 Million Units over a period of 25 years. The Power Purchase Agreement will be signed between RUMSL and SJVN for 25 years.

The project shall be commissioned within a period of 15 months from the date of signing of PPA. "This is our largest floating solar project bagged through tariff-based competitive bidding process. The commissioning of this project is expected to reduce 2,52,737 tonnes of carbon emission. SJVN is actively contributing in turning India into a net-zero carbon emission nation by 2070," Sharma said.

With a total portfolio of 31,000MW, SJVN now has 19 solar power projects of around 3.3 GW capacity under operation and different stages of development. These recent additions of new projects are leading the company towards actualizing its shared vision of 5,000 MW by 2023, 25,000 MW by 2030 and 50,000 MW installed capacity by 2040.