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SAEL Industries has signed two major power purchase agreements (PPAs) for 880 MW of solar capacity in Gujarat and Punjab, marking a big step in its renewable energy expansion. In Gujarat, subsidiaries of SAEL will supply 480 MW to Gujarat Urja Vikas Nigam Ltd at INR 2.56 per kWh for 25 years, with operations expected within 24 months. In Punjab, a 400 MW solar project will deliver power to Punjab State Power Corporation Ltd at INR 2.97 per kWh under a similar 25-year deal. These projects strengthen SAEL's clean energy portfolio, ensuring stable revenues while supporting India's renewable energy and sustainability targets.
SAEL Industries has announced the signing of two significant power purchase agreements (PPAs) for a combined solar power capacity of 880 megawatts in Punjab and Gujarat. These agreements mark a major expansion for the company in the renewable energy sector. Advertisement
In Gujarat, SAEL, through its subsidiaries SAEL Solar P Sixteen Private Ltd and SAEL Solar P Seventeen Private Ltd, has entered into a PPA with Gujarat Urja Vikas Nigam Ltd (GUVNL) for a total capacity of 480 MW AC. This includes an initial allocation of 240 MW and an additional 240 MW under a greenshoe option. The solar project is expected to achieve commercial operation within 24 months from the signing of the PPA, with GUVNL procuring the power at a tariff of INR 2.56 per kilowatt-hour (kWh) for a period of 25 years.
Simultaneously, in Punjab, SAEL Solar P15 Private has signed a PPA with the Punjab State Power Corporation Limited (PSPCL) for a 400 MW AC solar photovoltaic power project. Under the terms of this agreement, the project is also expected to be fully operational within 24 months. PSPCL will purchase the solar power at a tariff of INR 2.97 per kilowatt-hour (kWh) for a 25-year term.
The signing of these two PPAs underscores SAEL's commitment to clean energy and its role in meeting the growing demand for renewable power in India. The long-term nature of these agreements provides stable revenue streams for the company and contributes to the energy security and sustainability goals of both states.
Source- PTI
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