Chandigarh: SAEL signs 400 MW solar PPA with PSPCL
The solar power project will be located in Punjab and is expected to be fully operational within 24 months from the signing date
SAEL Industries Limited, an integrated renewable energy company, has signed a power purchase agreement (PPA) through its subsidiary, SAEL Solar P15 Private Limited, with Punjab State Power Corporation Limited (PSPCL) for a 400-megawatt solar photovoltaic (PV) power project.
The solar power project will be located in Punjab and is expected to be fully operational within 24 months from the signing date. “The PSPCL will purchase the solar power generated by the project at a tariff of ₹2.97 per kilowatt-hour (kWh) for a duration of 25 years,” according to a press release.
SAEL Industries chief executive officer Laxit Awla said the state has immense potential for solar development. “We are excited to contribute to its green energy ambitions. With its agriculture waste-to-energy plants and solar projects, SAEL is actively contributing to the state’s renewable energy transition,” he added.
Awla said the state’s transition towards using more renewable energy reflected a deeper commitment to diversify its energy mix and reduce dependence on conventional sources. He said that SAEL’s current total generation capacity in Punjab was 85.5 MW. ‘Of this, 59.9 MW of this solar AC capacity has been contracted with PSPCL. This is what is being supplied to PSPCL,” he added.
