State-run SJVN Ltd said it has bagged a contract to build, own and operate a 83 MW floating solar project worth Rs 585 crore in Madhya Pradesh. The project has been secured at a tariff of Rs 3.70 per unit on build, own and operate basis in an e-reverse auction (e-RA) organised by REWA Ultra Mega Solar Ltd. (RUMSL), the company said in a statement. SJVN Chairman and Managing
Director Nand Lal Sharma said the company will develop this project in India's largest floating solar park at Omkareshwar in district Khandwa, Madhya Pradesh. The cost of developing the floating solar project will be approximately Rs 585 crore, the statement added. After commissioning, the project will generate 187 million units in the first year and 4,410 million units over a period of 25 years. Its commissioning is expected to reduce approximately 2,16,074 tonnes of carbon emission in 25 years, it added. The power purchase agreement (PPA) will be signed between RUMSL and SJVN for 25 years. The project shall be commissioned within 21 months from the date of signing of PPA.
"This is our second floating solar project bagged through tariff based competitive bidding process from RUMSL. We are already developing a 90 MW floating solar project in Madhya Pradesh," Sharma added. SJVN is implementing this project along with other renewable projects of 4,090.5 MW capacity through its wholly-owned subsidiary SJVN Green Energy Ltd.