SJVN Commissions 90 MW Omkareshwar Floating Solar Project: A Major Leap in India’s Renewable Energy Sector

SJVN Commissions 90 MW Omkareshwar Floating Solar Project: A Major Leap in India’s Renewable Energy Sector

SJVN Limited, a Mini Ratna Schedule ‘A’ Central Public Sector Undertaking (CPSU) under the Ministry of Power, Government of India, has further strengthened its position in the renewable energy sector with the successful commissioning of its 90 MW Omkareshwar Floating Solar Project on August 8, 2024. The project, executed by SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of SJVN, marks a significant milestone in the company’s journey toward sustainable energy solutions. With this addition, SJVN’s total installed capacity has now reached 2,466.50 MW.

SJVN, established in 1988, has its roots in hydroelectric power generation but has since diversified its portfolio to include thermal, wind, and solar energy projects. With a vision to be a leading energy provider globally, the company has consistently expanded its operations across various energy sectors. Its commitment to innovation and sustainability has positioned it as a key player in India’s energy transition. Currently, SJVN boasts a project portfolio of 56,802.40 MW, spanning hydro, pumped storage, thermal, and renewable energy projects.

The 90 MW Omkareshwar Floating Solar Project is housed within the Omkareshwar Floating Solar Park in Khandwa district, Madhya Pradesh. This park is not only the largest floating solar park in India but also stands as one of the largest in Central and Northern India. By venturing into the floating solar power segment with this project, SJVN has once again demonstrated its commitment to pioneering innovative solutions in the renewable energy sector.

Developed at an investment of INR 646.20 crores, the Omkareshwar Floating Solar Project is expected to generate approximately 196.5 million units of energy in its first year of operation. Over a projected lifespan of 25 years, the cumulative energy generation is estimated to reach 4,629.3 million units. This remarkable output is anticipated to boost SJVN’s annual revenue by INR 64 crores. Moreover, the project is set to make a significant environmental impact by reducing carbon emissions by 2.3 lakh tons annually, aligning with the Government of India’s mission of achieving net zero carbon emissions by 2070.

One of the unique aspects of the floating solar project is its contribution to water conservation. By utilizing water bodies for solar panel installation, the project helps reduce water evaporation, thereby conserving water resources. This dual benefit of energy generation and water conservation underscores the innovative approach SJVN is taking towards sustainable development.

The Omkareshwar Floating Solar Project was secured at a competitive tariff of INR 3.26 per unit through bidding conducted by REWA Ultra Mega Solar Limited (RUMSL). The project follows a Build, Own, and Operate model, with a 25-year Power Purchase Agreement (PPA) executed between SGEL, RUMSL, and Madhya Pradesh Power Management Company Limited (MPPMCL). This PPA ensures a stable revenue stream for the company while providing clean energy to the region.

SJVN’s foray into floating solar energy not only enhances its renewable energy portfolio but also reinforces its commitment to innovation and sustainability. As the company continues to explore new avenues in green energy, its contribution to India’s energy landscape remains pivotal, driving the nation closer to its renewable energy targets and environmental goals.

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