SAEL Industries Ltd. Expands Solar Power Portfolio with New Power Purchase Agreements

Strategic Insights -

SAEL Industries Ltd., a leading integrated renewable energy company, has signed two significant Power Purchase Agreements (PPAs) for large-scale solar photovoltaic (PV) power projects. The agreements, amounting to a combined capacity of 880 MW (AC), cover 480 MW in Gujarat and 400 MW in Punjab, further expanding the company's solar power generation portfolio. These new projects demonstrate SAEL's commitment to contributing to India's clean energy future and stimulating local development and job creation.

Key Takeaways:

  • SAEL Industries Ltd. has signed two Power Purchase Agreements (PPAs) for large-scale solar PV power projects with a combined capacity of 880 MW (AC).
  • The projects are located in Gujarat (480 MW) and Punjab (400 MW), and are expected to achieve scheduled commercial operation within 24 months from the signing of the agreement.
  • The Gujarat projects will be developed through SAEL's subsidiaries, SAEL Solar P Sixteen Private Limited and SAEL Solar P Seventeen Private Limited, and will be sold to Gujarat Urja Vikas Nigam Limited (GUVNL) at a tariff of 2.56 per kilowatt-hour (kWh) for a period of 25 years.
  • In Punjab, SAEL Solar P15 Private Limited has signed a PPA with Punjab State Power Corporation Limited (PSPCL) for a 400 MW (AC) solar PV power project, with PSPCL procuring the power generated at a tariff of 2.97 per kilowatt-hour (kWh) for a period of 25 years.
  • Mr. Laxit Awla, Chief Executive Officer & Director, SAEL Industries Ltd., emphasized the company's commitment to contributing to India's clean energy future and stimulating local development and job creation.
  • The new projects will further enhance SAEL's renewable energy portfolio, which already includes over 6.5 GW of solar Independent Power Producer (IPP) assets and vertically integrated solar module manufacturing facilities with a capacity of more than 3.5 GW.

Statistics:

  • Combined capacity of 880 MW (AC) of solar PV power projects to be developed in Gujarat and Punjab.
  • 480 MW capacity in Gujarat, with an initial allocation of 240 MW and an additional 240 MW awarded under the greenshoe option.
  • 2.56 per kilowatt-hour (kWh) tariff for power generated in Gujarat.
  • 2.97 per kilowatt-hour (kWh) tariff for power generated in Punjab.
  • 24 months timeframe for projects to achieve scheduled commercial operation.
  • 25-year duration of PPAs with GUVNL and PSPCL.
  • Over 6.5 GW of solar IPP assets in SAEL's renewable energy portfolio.
  • 3.5 GW capacity of vertically integrated solar module manufacturing facilities.

Sources:

  • Global Data Point. 2022. SAEL Industries Ltd. Signs Two Power Purchase Agreements for Large-Scale Solar PV Power Projects.