Home / Business and Economy / Punjab Seals 500 MW Solar Power Deal
Punjab Seals 500 MW Solar Power Deal
24 Apr
Summary
- A 500 MW solar power auction was successfully completed in Punjab.
- The auction resulted in tariffs between ₹3.05-₹3.07 per kWh.
- Winning bidders will develop projects over the next 18 months.
Punjab State Power Corporation Limited (PSPCL) has successfully completed an auction for 500 MW of solar power capacity. This initiative underscores Punjab's commitment to expanding its clean energy portfolio.
The bidding process saw competitive tariffs, with prices discovered between ₹3.05 and ₹3.07 per kWh. SAEL Industries emerged as the largest awardee, securing 250 MW at ₹3.05/kWh. Waaree Energies, MB Power, and JLTM Energy were also successful, winning contracts for 100 MW, 100 MW, and 50 MW respectively, all at ₹3.07/kWh.
These solar projects are crucial for PSPCL to meet its Renewable Purchase Obligations and increase the proportion of green energy within the state's power supply. The selected developers will be responsible for the entire project lifecycle, including financing, construction, and ongoing maintenance.
Under a 25-year Power Purchase Agreement, PSPCL will procure the electricity generated, ensuring a stable revenue stream for developers and a consistent supply of clean energy for Punjab. The projects are slated for completion within 18 months following the signing of agreements, bolstering investor confidence and supporting Punjab's transition away from fossil fuels.
