KLK Ventures bags 5 MW allotment from UPNEDA

KLK Ventures Bags 5 MW Allotment From UPNEDA For Solar Projects

By Saur News Bureau/ Updated On Tue, Jul 2nd, 2024

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Noida-based KLK Ventures Private Limited has been selected by the Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) as one of the solar power developers for an ambitious 500 MW grid-connected rooftop solar photovoltaic (PV) project. This project will be implemented on government, semi-government buildings, and other institutions across Uttar Pradesh under the Renewable Energy Service Company (RESCO) model. KLK Ventures has been allocated 5 MW of the total capacity, divided into two categories: 25 kW to 200 kW and 201 kW to 2000 kW.

The RESCO model is well established model for offering solar systems, offering several benefits to building owners and the environment. Under this model, KLK Ventures will own, install, operate, and maintain the solar PV systems across the designated facilities. This arrangement ensures that building owners do not bear upfront costs and are relieved of maintenance responsibilities.

The model operates through a Power Purchase Agreement (PPA), where electricity generated by the solar PV systems is sold to building owners at competitive tariff rates, typically lower than conventional electricity tariffs. This agreement guarantees stable and predictable energy costs over the long term, benefiting participating institutions financially while reducing their carbon footprint.

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In addition to financial benefits, the RESCO model incorporates net metering, allowing surplus electricity generated by the solar PV systems to be fed back into the grid. This excess energy is credited to the building owner’s electricity bill, further enhancing cost savings and promoting sustainable energy practices.

In states like Uttar Pradesh and other parts of Eastern India, where large land banks of waste land are not easily available, initiatives like the one by UPNEDA are vital to ensuring penetration of renewable energy into the grid.

KLK Ventures, led by Akshat Jain, started up as a manufacturer of Gears, Energy Efficiency Equipment, Metal Structures etc, before a significant pivot to solar EPC work as well.