SRINAGAR: In a significant development, Jammu and Kashmir will be using solar energy as part of its power imports. The Jammu and Kashmir Power Trading Corporation is reported to have inked a Power Purchase Agreement (PPA) with SJVN Green Energy Limited (SGEL) under which 300-MW energy will be purchased by Jammu and Kashmir’s power utility.
The agreement, signed in Jammu on February 23, 2024, envisages evacuating 300 MW of clean energy from the expansive Rs 5,491 crore 1000 MW Bikaner Solar project. The project will get into operation by July 2024.
The cost of energy at which the agreement was signed was not immediately known.
SJVN Ltd, a key player in India’s power sector with a focus on hydroelectric power generation, has witnessed a surge in investor confidence following the announcement of the agreement with Jammu and Kashmir Power Utility. On Monday, the company’s shares climbed seven per cent to reach a day’s high of Rs 127.65 apiece on the National Stock Exchange (NSE), reflecting optimism about its strategic initiatives in renewable energy.
The agreement with JKPCL follows a similar contract with Uttarakhand Power Corporation Limited (UPCL) for 200 MW of solar electricity from the Bikaner project, further solidifying SJVN’s position in the renewable energy sector.
SJVN Green Energy Limited (SGEL) is a wholly-owned subsidiary of SJVN Ltd. The project is being developed under the CPSU Scheme of IREDA.
SJVN was formerly known as Satluj Jal Vidyut Nigam and is a public sector undertaking involved in hydroelectric power generation and transmission. It was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the Government of India and the Government of Himachal Pradesh.
(Photographs used in this news report are merely representational)
