Indian renewable energy company SAEL Industries has signed two power purchase agreements (PPAs) for 880MW of solar energy with the Indian states of Gujarat and Punjab.
In Gujarat, SAEL subsidiaries – SAEL Solar P Sixteen Private Limited and SAEL Solar P Seventeen Private Limited – have signed a PPA with Gujarat Urja Vikas Nigam Limited (GUVNL) for 480MW of solar projects, including 240 MW initially allocated and another 240 MW through the greenshoe option. GUVNL will procure power at a tariff of INR 2.56/kWh for 25 years.
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Whereas, in Punjab, SAEL Solar P15 Private Limited has signed a PPA with Punjab State Power Corporation Limited (PSPCL) for a 400 MW (AC) solar project. PSPCL will buy the power at a tariff of ₹2.97/kWh for 25 years.
The projects are slated to begin commercial operations within 24 months of signing.
The New Delhi-headquartered independent power producer (IPP) holds a solar asset portfolio of over 7.7GW, including operational and under-construction projects across India.
SAEL also operates 3.5GW of Tunnel Oxide Passivated Contact (TOPCon) PV module assembly capacity, comprising a 3.2GW facility in Rajasthan and a 300MW plant in Punjab.
Recently, SAEL announced plans for a 5GW solar cell and 5GW module manufacturing facility in Greater Noida, Uttar Pradesh, about 43 km south of New Delhi.
Through its subsidiary SAEL Solar P6 Private Limited, the company committed INR82 billion (US$954 million) in the project, with construction scheduled to begin later this year. Once operational, the plant is expected to increase SAEL’s total solar manufacturing capacity to 8.5GW and produce high-efficiency TOPCon cells.
