SJVN Awards EPC of 75 MW Solar Project to Solarworld Energy Solutions

PSU energy firm SJVN, a joint venture of the state government of Himachal Pradesh and the Central Government, has entered into Contract Agreement for development of 75 MW (AC) Solar Power Project at Parasan Solar Park, Uttar Pradesh on Engineering, Procurement and Construction (EPC) basis with subsequent O&M for three years with M/s Solarworld Energy Solutions Private Limited, Noida. The Contract was signed in the presence of  Nand Lal Sharma, Chairman & Managing Director, Ms Geeta Kapur Director (Personnel), S.P. Bansal Director (Civil), Akhileshwar Singh Director (Finance), Sushil Sharma Director (Electrical).

The contract was signed by S. K. Sood, General Manager, Electrical Contracts, SJVN & Kartik Teltia, Director., Solarworld. On this occasion senior officials from SJVN & Solarworld were also present. HD Khunteta, former Chairman and Managing Director, REC Limited till 2011, is now a key part of the Solarworld Management team.

Mr  Nand Lal Sharma apprised that the EPC Cost of the Project is Rs. 313.59 Crores (Rs 4.18 cr /MW),  M/s Solarworld Energy Solutions Private Limited has to deliver it by the scheduled commercial operating date of  August 2022, ideally.

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SJVN had bagged this project through competitive bidding held by Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) at a tariff of ₹2.68 per unit for 25 years back in May this year. The Project is projected to generate 168.343 MU energy annually with Capacity Utilization Factor (CUF) of 25.06%. Parasan Solar Park is located at Tehsil Kalpi, District Jalaun near Kanpur, Uttar Pradesh.

Sharma also added that, with this allotment, SJVN now has 1445 MW of Solar Projects under execution. He stated that all these Solar Projects are scheduled to be commissioned by Financial Year 2023-24, a massive jump on SJVN’s non-existent solar capacity as recently as a couple of years ago. With the power minister pushing Power energy majors to push massively for renewable energy, almost all PSU energy firms in the country today have significant plans or projects in the renewable energy space, including Hydro majors like SJVN and NHPC. These firms have also been pushed to take up projects in states that offer a bigger challenge for private sector participation, owing to various historical reasons. These have included Bihar, UP, Punjab and more. SJVN accordingly has set its Shared Vision of capacity addition of 5000 MW by 2023, 12000 MW by 2030 & 25000 MW by 2040.

Meanwhile in its Q2 results for FY2022, SJVN  reported total income of Rs. 925.56 crores during the period ended September 30, 2021 as compared to Rs. 704.90 crores during the period ended June 30, 2021.

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The net profit was  Rs. 404.72 crores for the period ended September 30, 2021 as against Rs. 342.13 crores for the period ended June 30, 2021.